FastWave Medical revealed today it has successfully completed a funding round, surpassing expectations to secure $19 million in proceeds. Based in Minneapolis, FastWave focuses on the development of intravascular lithotripsy (IVL) technology. This latest financing elevates their total funding to over $40 million. The round was spearheaded by Epic Venture Partners, enjoying participation from M&L Healthcare Investments as well as the company’s current investors.
This financial influx is anticipated to bolster FastWave’s progress and support for its ongoing projects within its IVL platform portfolio. The company specializes in laser-driven IVL systems designed for treating hardened arterial plaque. Their platform offers swift and sustained energy application, featuring an amplified sonic output for superior performance. FastWave’s system facilitates the navigation of challenging arterial pathways with its high-functioning catheter technology. Interest in IVL solutions is strong, particularly following Johnson & Johnson’s $13.3 billion acquisition of Shockwave Medical earlier this year. Earlier in the year, FastWave’s technology was utilized in a pioneering study involving human subjects, culminating in positive results by May. Additionally, FastWave recently announced the acquisition of another patent for its laser IVL technology.
“We are ecstatic to collaborate with esteemed healthcare investors like Epic and M&L who recognize the potential clinical benefits and marketplace potential of our IVL systems,” commented Scott Nelson, FastWave’s founder and CEO. “This strategic funding signifies the market’s faith in our vision and propels us closer to our mission of providing cutting-edge IVL solutions to medical professionals globally.”