Helsingborg-based Acorai, a Swedish company specialising in heart failure management devices, announced that it secured $4.5M (approximately €4.28M) in a fresh round of funding.
The investment, made by the European Innovation Council (EIC) Fund, Taiwan Medical University, and private investors, will support the completion of clinical studies and regulatory approvals in the US and Europe.
Earlier this year, in January 2024, Acorai closed an oversubscribed seed equity round, raising over $4.5M.
Capital utilisation
Acorai has completed patient enrollment for its CAPTURE-HF study, involving over 1,600 participants from 20 hospitals across six countries.
With an FDA Breakthrough Device Designation and collaboration through the FDA’s TAP Pilot programme, the company is on track for regulatory submissions and a planned commercial launch by 2026.
With an additional $6M provisioned from the EIC Fund for future equity financing, Acorai is preparing to raise additional capital in 2025 to support clinical validation, regulatory approvals, and early commercialisation of its heart failure management technology.
Acorai CEO, Filip Peters, says, “We are happy to welcome the EIC Fund as an investor in Acorai and look forward to working closely with the fund as one of Europe’s leading deep tech investors. Acorai is at a transformative point and has built a solid foundation to become a world leader in non-invasive cardiac care.”
“With more than $6M in additional capital provisioned from the EIC Fund to Acorai’s future funding rounds, this investment will allow Acorai to scale up its clinical and regulatory efforts to reach the market.”
Peters adds, “This represents another important step toward bringing our solution to the market, with the potential to impact over 60 million heart failure patients worldwide positively.”
A device for heart failure management
Acorai is developing a non-invasive intracardiac pressure monitoring device to improve heart failure management for over 64 million patients worldwide. The device, built on the patented SAVE Sensor System, combines non-invasive hardware with machine learning.
The SAVE Sensor System combines seismic, acoustic, visual, and electrical sensors to provide detailed cardiac data. This data is analysed in real time by a machine learning engine trained on one of the largest clinical datasets.
In 2023, the company received FDA Breakthrough Device Designation, enabling participation in the FDA’s TAP Pilot programme. Backed by institutional medtech investors, healthcare systems, and strategic partners, Acorai aims to shape the future of cardiac care through non-invasive solutions.
Brief about EIC Fund
The EIC Fund, established by the European Commission, invests in a wide range of technologies and sectors across EU countries and those linked to Horizon Europe.
As part of the EIC Accelerator blended finance, the fund addresses financing gaps by supporting the development and commercialisation of disruptive technologies.
It collaborates with market players, encourages co-investments, and builds networks of capital providers and strategic partners. The fund also emphasises empowering female founders and reducing innovation disparities across the EU.
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