Heart of Innovation: Kardium Secures $143 Million CAD for Commercial Launch
Kardium is a medical solutions company headquartered in Vancouver that has developed a device to treat atrial fibrillation, an irregular and often rapid heart rhythm. The device consists of a Globe Mapping and Ablation System (“Globe System”): the only system that records and shows the activity of the atrium in real-time, all with just a single catheter. Clinical data demonstrates that the Globe System can achieve promising results, curing 80-84% of patients of atrial fibrillation after one year of use.
Kardium just announced it has secured $143 million CAD in financing for its Globe System. The round was led by existing investor Fidelity Management & Research Company, along with T. Rowe Price, and new investor Durable Capital Partners. The funding will be used to complete clinical studies that are needed to secure regulatory approvals, and ultimately prepare and execute a commercial launch.
After the round, Kevin Chaplin, CEO of Kardium, provided the following statement:
“We are very excited to have the continued support of existing investors, and welcome Durable Capital Partners to this round. Their enthusiasm and support reflect the incredible success we have achieved with the Globe System and the tremendous potential we have to dramatically improve the treatment of atrial fibrillation for millions of patients worldwide.”
Kardium previously raised a large sum of funding for its Globe System in 2021, acquiring $158 million CAD. This funding contributed to further development of the Globe System and completion of the first in-human study.
Author: Hannah Lee, 2024 Summer Student At-Law
Image by https://unsplash.com/@joshua_chehov
Expertise
Insights
-
Technology
CO280 Strikes Historical Deal with Microsoft
Vancouver-based startup CO280 Solutions Inc. (“CO280”) is making strides in carbon capture, focusing on the removal of carbon dioxide emitted by pulp and paper mills across the U.S. The startup… -
Technology
Bench Finds Buyer After Sudden Shutdown
Accounting startup Bench, which abruptly shut down in December 2024 and locked out customers from their accounts, has been acquired by HR tech firm Employer.com. The acquisition will restore access to… -
Technology
Nectir Launches Custom AI Tool to Transform Learning in Schools
Nectir, an educational AI tool, is transforming academic support at over 100 colleges and high schools by enabling educators to create personalized learning assistants tailored to their courses. These… -
Technology
PolicyMe Raises C$30 million to Revolutionize Digital Insurance
PolicyMe, a Canadian digital insurance provider, recently announced the successful close of C$30 million in new funding, building off of its C$3.3 million Seed Round (2020) and C$18 million Series A… -
Energy
Supreme Court of Canada Interprets the Telecommunications Act
In Telus Communications Inc. v. Federation of Canadian Municipalities, the Supreme Court of Canada considered the correct interpretation of the term “transmission line”, as used in sections 43 and… -
Technology
Twelve Labs Develops Enhanced Search Capabilities in Video AI
In the fast-evolving field of artificial intelligence, a new frontier is emerging: video understanding. Jae Lee, co-founder of Twelve Labs, believes that AI models adept at interpreting videos as well…