CorVent Medical closes a $4.5M seed financing round led by Sofinnova Partners to produce single-use, plug-and-play ventilators
Fremont, CA: CorVent Medical, a Coridea portfolio company, closed a seed funding round after raising $4.5M to support the commercialization of the first single-use, critical care ventilator. These ventilators will enable efficient, affordable, and rapid deployment with superior control of infections. The financing round is led by the renowned European life sciences venture capital firm Sofinnova Partners with the participation from Exor seeds, Redmile group, Genesis Medtech Group, The Deerfield Foundation, The Pagliuca family office, and Accel Founder Jim Swartz. The funds raised will be used to finalize regulatory filings under the U.S. Food and Drug Administration's Emergency Use Authorization (EUA) Act, to launch the CorVent, upon approval. These funds will also support the future development of the next generation of lifesaving devices in the area of respiratory insufficiency.
"The COVID-19 pandemic has highlighted a significant need for emergency-use ventilators that can be rapidly deployed to enable on-demand, critical care ventilation," stated Antoine Papiernik, Managing Partner at Sofinnova Partners. "CorVent has created an elegant yet simple, single-use solution for emergency preparedness that can be stored for long periods without the expense and delay of complicated service contracts. We are proud to partner with this proven team to bring a much-needed solution to the market."
The Single-Use ventilator, CorVent, is designed in such a way that it meets every patient's respiratory needs in an easy plug and play set-up with built-in safeguards. The design focused on single patients provides much efficient and superior infection control with integrated filters that also protect healthcare workers, providers, staff, and against other patients. By delivering critical care ventilation in a split second, the CorVent single-use ventilator complements the existing products in the hospital during shortages or in underserved markets.
"Our product is unique in that it is the only single-use, critical care ventilator that extends capacity when needed most," commented Mark Gelfand, CEO of CorVent. "Whether it is in response to a pandemic or to address an underserved market, our single-use ventilator enables hospitals, states, and countries to cost-effectively and efficiently address respiratory insufficiency so healthcare providers can immediately focus on critical patient needs."