Capstan Medical has successfully secured $110 million through a highly sought-after Series C funding round, as announced by the company today. Specializing in structural heart surgical robots, Capstan Medical plans to use this influx of funds to prepare for its first human procedure.
Led by Eclipse, the funding round also includes investments from returning partners Yu Galaxy and Intuitive Ventures, with the addition of new investor Gideon Strategic Partners. With this latest funding, Capstan Medical’s total capitalization exceeds $150 million.
“The strong internal support granting us the runway for our business’s upcoming phase allowed us to incorporate only one new investor into this round, which is exceptional,” remarked Capstan Medical CEO Maggie Nixon during a conversation with MassDevice. “Our aim is to drive forward this next wave of breakthroughs.”
Capstan Medical is focused on developing a surgical robot and catheter-based implants for less invasive percutaneous replacement of diseased mitral and tricuspid heart valves. The company aspires to execute its maiden human mitral valve procedure by early next year, with a tricuspid valve procedure to follow by 2025.
In an interview with Medical Design & Outsourcing, CEO Maggie Nixon confirmed that Capstan Medical is scheduled to commence pivotal trials for its mitral valve system by 2026, with FDA submission targeted as early as 2028.
“We had adequate resources to embark on this initial human trial,” Nixon noted. “This funding extends our capabilities, allowing us to advance through the pre-pivotal stage and paving the way for pivotal trials for our mitral system. This also supports advancing our tricuspid concept into a functional stage. Targeting its first-in-human trial is a priority for us in the coming year.”
“While the mitral program remains our primary focus,” she continued, “it’s vital to advance the early phases for our tricuspid project too. Our plan is to achieve a tricuspid first-in-human trial within the next 12 to 15 months, and this funding is integral to realizing the implants in our arsenal.”
Capstan Medical is committed to addressing heart disease, the world’s leading cause of mortality, with innovative, less-invasive solutions for replacing dysfunctional mitral and tricuspid valves, offering an alternative to traditional open-heart surgery.
“We are at a pivotal juncture, where robotics is set to play a transformative role in offering life-saving solutions globally,” noted Justin Butler, Partner at Eclipse, in a statement. “Capstan stands at the forefront with their pioneering robotic heart solutions.”
While Intuitive Ventures is the investment section of Intuitive Surgical, the leading force in surgical robotics, their funding in Capstan Medical remains a purely financial arrangement, according to Nixon.
In a related development highlighted in October by MassDevice, Brian King, a finance expert formerly at Intuitive, transitioned to join Occam Labs, the incubator that launched Capstan Medical.
“We are in a phase of growth,” Nixon observed. “We brought in Brian King for his financial acumen and are concluding our search for a regulatory executive. This funding reflects the overwhelming support and momentum behind our mission; this vote of confidence is truly rewarding. Our obligation now is to deliver.”