Trinity spinout OneProjects secures $17 million in new financing to advance development of 4D cardiac imaging technology
Posted on: 15 October 2021
Trinity spinout, OneProjects, developer of four-dimensional (4D) cardiac imaging technology, this week secured a total of $17 million in new financing for the company, comprised of $8 million in Series A2 financing and two grants worth $9 million.
The Series A2 financing was led by imec.xpand, with participation from The European Innovation Council (EIC) Fund and existing investors, including LSP and Atlantic Bridge Ventures. It is an extension to the company’s 2020 Series A1 funding that was led by LSP and co-led by Atlantic Bridge Ventures.
The grants were awarded by the Irish government’s Disruptive Technologies Innovation Fund ($6 million) and the EIC Accelerator ($3 million).
The company will use the new funds to complete product development, conduct clinical trials, gain FDA clearance and prepare for US commercialisation of the first product developed from its proprietary 4D cardiac imaging platform, VERAFEYE™.
This technology is designed to improve the treatment of atrial fibrillation and other cardiac arrhythmias and can also be applied to benefit structural heart procedures.
Atrial fibrillation (AFib) is characterized by an irregular heartbeat caused by chaotic electrical signals entering and overriding the natural heart rhythm and affects more than 38 million people globally. It is one of the most frequent causes of strokes and other heart conditions.
The VERAFEYE™ imaging technology uses advanced imaging and machine learning to provide unprecedented live 360-degree, high-resolution imagery of the beating heart, enabling physicians to optimise outcomes and safety.
Fionn Lahart, CEO, OneProjects, said:
“It’s no surprise that AFib success rates are sub-optimal given the complexity of the procedure and information currently available to physicians.
“Our 4D imaging platform improves upon currently available imaging by providing high precision navigation, procedural planning pre-ablation, and expansive real-time imagery of the heart and tissue during the procedure. We believe that our proprietary cardiac imaging technology can help physicians deliver precision therapy and has value beyond AFib to improve any cardiac procedure that can benefit from precise navigation, detailed 4D anatomical imaging and tissue assessment within the heart.”
“We are delighted to have the continued backing of our highly regarded existing investors, LSP and Atlantic Bridge, and to welcome our two new investors, Belgium-based imec.xpand and the European Innovation Council Fund. As a European company with offices in Dublin and Munich, we appreciate having exposure and access to these top-tier investors who will enable us to bring VERAFEYE™ to market and to develop the next generations of our platform technology. In addition to hitting key company milestones, we will use this funding to continue to build on the world-class team we have across Dublin and Munich.”