Montreal, QC – Puzzle Medical, a Montreal-based startup developing a percutaneous heart pump designed to support cardiac and renal function in patients with advanced heart failure, announced today the successful closing of its CAN$ 34 million Series A funding round led by Cordis-X, a Cardiovascular-Focused Investment Vehicle Backed by Ajax Health, Hellman &Friedman, and KKR. The round also included participation from Longview Ventures, Desjardins Capital, and BDC Capital’s Thrive Venture Fund, as well as existing investors.
The funding will be primarily used to complete the company’s Human Feasibility Study, which aims to evaluate the safety and efficacy of the percutaneous heart pump. Puzzle Medical will also allocate resources towards expanding its development efforts and attracting top talent to facilitate its growth trajectory. In addition to this, the company is pleased to welcome Duke Rohlen, Aftab Kherani, and Maria Berkmanto its Board of Directors.
According to Dr. George Adams, an interventional cardiologist at UNC Rex Hospital and Chief Medical Officer of Cordis, “Heart failure is a devastating condition that impacts over 30 million people worldwide. I believe that Puzzle Medical’s percutaneous heart pump has the potential to revolutionize the treatment of advanced heart failure, and I’m excited to witness the positive impact it can have on the lives of my patients and others around the globe.”
“We are thrilled to have closed our Series A funding round and to have the support of such a renowned syndicate of investors,” said Jade Doucet-Martineau, co-founder and CEO of Puzzle Medical Devices. “This milestone achievement is a reflection of the team’s dedication and execution capability and will allow us to continue to execute on our mission of transforming the treatment of advanced heart failure.”
Duke Rohlen, Executive Chairman of Cordis and CEO of Cordis-X and Ajax Health, commented, “What the Puzzle team has accomplished in a few short years is remarkable. They’ve developed a truly novel solution to one of the most serious and difficult challenges in cardiovascular care. We are thrilled to partner with Puzzle to bring their exciting technology to a large population of heart failure patients who desperately need it.”
About Puzzle Medical Devices
Founded in 2018, Puzzle Medical Devices is dedicated to improving patient outcomes through the development of a percutaneous heart pump for patients with advanced heart failure. The device’s modular design allows for safe implantation to support both renal and cardiac function through 4mm-pumps anchored in parallel in the descending aorta. For more information, visit puzzlemed.com.
Disclosure: Puzzle Medical’s device is not approved by the FDA and is not for sale in any countries.
About Cordis-X
Cordis-X is an independent innovation accelerator backed by Ajax Health, Hellman & Friedman, and KKR. It invests in compelling new cardiovascular technologies and provides a streamlined model of medical device innovation.
About Longview Ventures
Longview Ventures is an independent investment vehicle that makes investments in select portfolio companies of Broadview Ventures, a mission-driven investment organization focused on cardiovascular disease and stroke. Longview focuses on clinical-stage companies as a complement to Broadview’s continued dedication to Seed and Series A financings. Longview and Broadview are affiliates of the Leducq Foundation.
About Desjardins Capital
Nearly 50 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of almost CAN$3 billion, Desjardins Capital helps contribute to the longevity of some 750 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping create and maintain thousands of jobs, this subsidiary of Desjardins Group provides entrepreneurs with access to a large business network that supports business growth.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s Business Development Bank. With over CAN$6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage.
