9 February 2021
CorWave Joins the French Tech 120 Index, a Community That Brings Together the Top French Tech Scale-up Companies
The company develops breakthrough cardiac pumps with the aim of improving the lives of advanced heart failure patients
Clichy, France, February 8th, 2021 – Mr. Bruno Le Maire, Economy and Finance Minister and Mr. Cédric O, Secretary of State for Digital Transition and Electronic Communications, announced the selection of CorWave to join the French Tech 120 index, designed for the best French startups with the capacity to become global leaders.
CorWave is one of five medtech startups selected in the French Tech 120 index. The French government designed the program to support technology companies that have the potential to become global leaders of tomorrow’s economy and promote the emergence of unicorns. The French Tech 120 index lists the top 120 high-growth technology startups and scale-ups in France, 10 of which are already unicorns. The competition was particularly fierce this year as France became the largest VC market in the European Union, ahead of Germany, with more than 5.4 Billion Euros invested1.
“We are honored to be part of the very selective French Tech 120, as well as one of the only medtech companies selected to the index. The selection identifies CorWave as one of the most promising technology companies in France. This is a tremendous recognition of the work accomplished by our team, as they continue their untiring efforts to improve the lives of heart failure patients. We look forward to benefiting from the tailored support of the program and mutual cooperation between companies sharing similar challenges and ambitions. This will advance our objective, which is to become a world-class medtech company,” commented Louis de Lillers, CorWave’s CEO.
Last month, CorWave announced that it had raised 35 Million Euros to fund the next stages of its development, with the ambition to become a world-class medtech company serving heart failure patients. The EIC Fund, the European Commission’s venture capital mega-fund, made the first investment in its history by leading the funding round, joined by CorWave’s existing investor syndicate.
NOTES – 1 EY French Venture Capital Barometer 2020
CorWave is a French company developing innovative cardiac assist devices. Its technology stands out from other LVADs (left ventricular assist devices) currently on the market due to its physiologic design, which is enabled by its disruptive wave membrane. The membrane is able to generate a natural pulse, replicating the blood flow and pressure characteristics of the patient’s native heart. CorWave’s novel membrane pump technology is being developed to reduce complications associated with current devices and improve the care of patients with heart failure. CorWave was incorporated in 2012 by the startup studio MD Start and is funded by well-known investors, including Bpifrance, Financière Arbevel, Novo Holdings, Seventure, Sofinnova Partners, Ysios and EIC Fund, the European Commission’s venture capital fund. The company had secured over 80 million euros of equity and non-dilutive funding and employs more than 50 people.