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CorVent Medical, A Coridea Portfolio Company, Closes $4.5M Seed Financing To Commercialize The First Single-Use, Critical Care Ventilator

May 11, 2020•about 5 years ago

Amount Raised

$4 Million

Round Type

seed

New York

Description

 CorVent Medical, a Coridea portfolio company, announced today the closing of a $4.5M seed financing round to support the commercialization of the first single-use, critical care ventilator that will enable rapid and affordable deployment with superior infection control. The financing round is led by the prominent European life sciences venture capital firm Sofinnova Partners with participation from Redmile Group, Exor Seeds, Genesis Medtech Group, The Deerfield Foundation, The Pagliuca Family Office, and Accel Founder Jim Swartz. Funds will be used to finalize regulatory filings under the U.S. Food and Drug Administration's Emergency Use Authorization (EUA) Act, to upon approval launch the CorVent™ Single-Use Ventilator, and to support future development of next generation lifesaving devices for respiratory insufficiency.

Company Information

Company

Cor Vent Medical, Inc.

Location

New York, New York, United States

About

CorVent Medical, a privately held portfolio company of Coridea LLC, is committed to developing smart, versatile, lifesaving ventilators for critical care. The company's first product, the CorVent™ Single-Use Ventilator, was designed in partnership with Design Catapult, an industrial design firm recognized for their rapid ideation of medical and commercial products. The ventilator is  currently pending Emergency Use Authorization (EUA) issued by the U.S. Food and Drug Administration (FDA) for ventilators, tubing connectors and accessories, which authorizes its use for the duration of the U.S. Health and Human Services COVID-19 public health emergency declaration. This device is not yet FDA cleared or approved.