Israeli medical start-up company, Innoventric, was recently awarded the Horizon Europe grant for developing a transcatheter solution that treats Tricuspid Valve Regurgitation, which is a type of heart valve disease that affects the closure of the heart chambers causing an adverse effect on blood flow. A transcatheter solution is essentially a minimally invasive technique that permits surgeons to treat the heart. In the case of Innoventric, the company developed Trillium, a simple technological solution with an implantation time of approximately 10 minutes and a 100% technical success rate. The introduction of Trillium comes at a time when there is no commercially available technology that has been widely adopted by the clinical community to treat this heart condition.
Based on this technology, Innoventric secured USD 14 million in Series A financing, which includes the Horizon Europe grant for 2.5 million euros. Horizon Europe was introduced in 2021 as a six-year programme that aims to identify the leading companies and institutions in Europe and other countries with pivotal technology that has high market potential.
Innoventric was one of over 4,000 applicants vying for the Horizon Europe grant, and after a competitive process, was ranked among the top 65 (1.5%) technology companies. The Israeli start-up is currently conducting its First in Human clinical study in Europe and Israel, and will use the funds to commence an important study in Europe, clinical studies in the United States and bring additional tricuspid valve technologies to clinical application.
The company was launched in 2016 and raised its seed investment four years ago from two Israeli MedTech venture capital firms. This financing enabled Innoventric to transform the concept design of Trillium into a tangible product and carry out clinical studies proving its efficacy.