Capstan Medical, a burgeoning player in the medtech industry, has successfully raised $110 million in an oversubscribed Series C funding round. This latest infusion of capital brings the total funding for the Santa Cruz-based company to over $150 million. The funding is earmarked for advancing the development of the company's surgical robot and catheter-delivered implants aimed at minimally invasive percutaneous replacement of mitral and tricuspid heart valves.
Capstan Medical's CEO, Maggie Nixon, expressed her satisfaction with the strong backing received from existing investors, noting, "We had such strong internal support for giving us this runway for the next phase of the business that we only added a single investor into the mix for this round, which was fantastic." This support is seen as a vote of confidence in Capstan's innovative approach to addressing heart disease, the world's leading cause of death.
The Series C funding round was led by Eclipse, with participation from previous investors Yu Galaxy and Intuitive Ventures, and a new investor, Gideon Strategic Partners. Justin Butler, a partner at Eclipse, highlighted the transformative potential of Capstan's technologies, stating, "We're at an inflection point where robotics will play a consequential role in delivering life-saving solutions to millions of patients across the world. Capstan is at the forefront of this wave with their robotic solutions for structural heart disease."
Intuitive Ventures, the venture investment arm of Intuitive Surgical, also participated in this round. Interestingly, the CEO clarified that this investment is purely financial and not a strategic business-development move by Intuitive Surgical. This distinction underlines the independence of the investment and Capstan's commitment to focusing on its own technological and strategic objectives.
The funds raised will propel Capstan Medical into the next stages of its clinical trials. The company plans to conduct its first in-human mitral valve procedure early next year, with a tricuspid valve procedure targeted for 2025. Further along the roadmap, Capstan aims to initiate a pivotal trial of its mitral system by 2026, with aspirations to submit this for U.S. Food and Drug Administration review by 2028.
With heart disease being a primary focus, Capstan Medical's efforts are concentrated on offering less-invasive alternatives to conventional open-heart surgeries for patients who may not be eligible for such procedures. "Our focus is absolutely mitral," said Nixon. "Getting that tricuspid through the preclinical phase is going to be fantastic as well, [but] our mitral program is our No. 1 priority."
Aside from the technological advancements, Capstan Medical is also bolstering its executive team, highlighting its growth strategy. In October, finance executive Brian King transitioned from Intuitive Surgical to join Occam Labs, the medical device incubator that launched Capstan Medical. Nixon noted, "We’re maturing the business right now. We brought Brian King in on the finance side… and we’re in final rounds of interviews on a regulatory head as well."
This strategic hiring and substantial financial backing underscore Capstan Medical's commitment to executing its development plans and cementing its position as a leader in the medical technology space. As Nixon emphasized, "This raise just really shows the level of support and momentum around what we’re doing. That vote of confidence is incredible. It’s our job to execute." With the upcoming trials and continued innovation, the company stands poised to make significant strides in the fight against heart disease.
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