Austria’s Miracor Medical closes €7m venture deal

Hamburg-based venture capital firm Earlybird has participated in the first closing of a €7m Series B funding round for portfolio company Miracor Medical Systems, a medical device developer based in Austria.

The round was supported by existing investor Delta Partners, a venture firm based in Ireland, as well as new investors Austria Wirtschaftsservice and German growth investor SHS Gesellschaft für Beteiligungsmanagement.

The recent funding brings Miracor’s total venture financing since its establishment in 2008 to €14.9m. The second closing of the round is pending approval by other European venture investors and potential new investors.

Based in Vienna, Miracor is commercialising PICSO, a unique and potentially disruptive technology designed for patients with acute coronary syndrome (ACS), heart failure, and cardiac surgery needs.

“We are very pleased that we can now focus on the clinical trials to document the positive effects of our technology,” said Jon Hoem, Miracor’s CEO.

“With this strong investor syndicate backing Miracor we have a unique opportunity to bring our product offering to the patients who need additional care after a heart attack. We also look forward to continuing the work with our key opinion leaders and clinical investigators to show the potential of PICSO in this setting,” he added.

This year, Miracor will initiate clinical trials for the product, and will also begin initial sales activities in selected hospitals in Europe. The company plans to initiate a randomised multi-centre trial next year, whilst simultaneously expanding its sales activities across Europe.

In May this year, Earlybird targeted the nascent North Africa and Middle Eastern social gaming space, leading a $5m investment round in Peak Games, an emerging markets developer focused on the region.

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