Capstan Medical Inc. has raised $110 million in an oversubscribed Series C funding round, bringing its total investment to over $150 million. The Santa Cruz, California-based medical device company plans to use the funds to advance its robotic technology for minimally invasive heart valve surgeries.
Maggie Nixon, CEO of Capstan Medical, expressed strong internal support for the funding round, which saw only one new investor added to the mix. “This investment gives us the runway we need for the next phase of the business and supports our ongoing innovation,” Nixon told MassDevice.
The company is developing a surgical robot and catheter-delivered implants to enable the percutaneous replacement of mitral and tricuspid heart valves. Capstan aims to begin its first human procedure for the mitral valve early next year, followed by a tricuspid valve procedure in 2025.
Looking ahead, Nixon confirmed that Capstan plans to initiate a pivotal trial for its mitral valve system in 2026 and intends to submit the device to the U.S. Food and Drug Administration (FDA) for approval by 2028.
Funding Round Led by Eclipse
The Series C round was led by Eclipse, with participation from existing investors Yu Galaxy and Intuitive Ventures. New investor Gideon Strategic Partners also joined the round.
Justin Butler, a partner at Eclipse, highlighted the growing role of robotics in the medical field. “Capstan is at the forefront of this wave, offering robotic solutions for structural heart disease,” he said.
Intuitive Ventures, the venture arm of Intuitive Surgical, a major player in surgical robotics, also participated. Nixon clarified that Intuitive’s investment is purely financial, not strategic or business-development related, and is independent from Intuitive Surgical.
Funding to Support Trials And Development
Nixon emphasized that the Series C funding will support the company through its first-in-human trials and into the pre-pivotal phase of its mitral valve system. “This investment ensures we’re prepared to move into pivotal trials and push forward our tricuspid concept as well,” she added. The company is targeting the first-in-human procedure for its tricuspid valve implant next year.
Capstan’s latest funding is a significant step in its goal to transform the treatment of heart valve diseases with innovative robotic solutions.
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