Fridley startup achieves impressive $13M in medical device funding.

Key points:

• CardioMech, a medical device startup based in Fridley, Minnesota, has raised $13 million in funding.
• The company is developing a device to treat degenerative mitral regurgitation, a heart valve disease.

CardioMech, a medical device startup based in Fridley, Minnesota, has raised $13 million in funding. The funding round was described as “heavily oversubscribed,” meaning that the company received more investor dollars than expected. According to Chairman and CEO Rick Nehm, this is a rarity in the current startup funding landscape. CardioMech, originally founded in Norway in 2015, now operates primarily in Fridley with a team of five full-time employees. The company is developing a medical device designed to treat degenerative mitral regurgitation, a prevalent disease where blood leaks between heart chambers due to a faulty valve. The device, which is implanted in patients, is intended to stop the leaks and restore the native anatomy of the heart, serving as an alternative to traditional open-heart surgery. CardioMech plans to use the recently raised funds to reduce its burn rate and cover the cost of further product research. To date, the company has raised a total of $42 million, including a $18.5 million Series A round in 2020. CardioMech is a wholly owned subsidiary of Norwegian company CardioMech AS. Nehm, a medical device veteran, established the subsidiary in Minnesota after joining the company in 2018. The company’s operations have primarily shifted to Minnesota, with an extensive supply chain based in the state. CardioMech now plans to complete an early feasibility study for FDA approval.