DUBLIN & MUNICH--(BUSINESS WIRE)--OneProjects, developer of four-dimensional (4D) cardiac imaging technology, today announced a total of $17 million in new financing for the company, including an $8 million Series A2 financing and two grants worth $9 million.
The Series A2 financing was led by imec.xpand, with participation from the European Innovation Council (EIC) Fund and existing investors, including LSP and Atlantic Bridge Ventures. It is an extension to the company’s 2020 Series A1 funding that was led by LSP and co-led by Atlantic Bridge Ventures. The grants were awarded by the Irish government’s Disruptive Technologies Innovation Fund ($6 million) and the EIC Accelerator ($3 million).
The company will use the new funds to complete product development, conduct clinical trials, gain FDA clearance and prepare for U.S. commercialization of the first product developed from its proprietary 4D cardiac imaging platform, VERAFEYE™. This technology is designed to improve the treatment of atrial fibrillation and other cardiac arrhythmias, and can also be applied to benefit structural heart procedures.
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Atrial fibrillation (AFib) is characterized by an irregular heartbeat caused by chaotic electrical signals entering and overriding the natural heart rhythm, and affects more than 38 million people globally. It is one of the most frequent causes of strokes and other heart conditions. A principal treatment for AFib is catheter ablation to block unwanted signals. In up to 50 percent of cases, full ablation of the tissue is unsuccessful, requiring a large percentage of patients to undergo repeat procedures, often with a worsening condition that requires continued medical management.
The VERAFEYE™ imaging technology uses a proprietary catheter-based sensor combined with advanced imaging and machine learning to provide unprecedented live 360-degree, high-resolution imagery of the beating heart, as well as real-time tissue analysis to determine where tissue has been fully ablated. The goal is to enable physicians to optimize outcomes and safety during catheter ablation procedures in order to improve their success rate, which has the potential to reduce overall costs to the healthcare system.
“It’s no surprise that AFib success rates are sub-optimal given the complexity of the procedure and information currently available to physicians,” said OneProjects CEO Fionn Lahart. “Our 4D imaging platform improves upon currently available imaging by providing high precision navigation, procedural planning pre-ablation, and expansive real-time imagery of the heart and tissue during the procedure. We believe that our proprietary cardiac imaging technology can help physicians deliver precision therapy and has value beyond AFib to improve any cardiac procedure that can benefit from precise navigation, detailed 4D anatomical imaging and tissue assessment within the heart.”