Montreal-based medical technology company Puzzle Medical has raised $43 million to support continued development of its percutaneous heart pump for patients with advanced heart failure.
The funding round was co-led by KF Matheson and Desjardins Capital, with additional participation from Lumira Ventures, Longview Ventures, BDC Capital and existing investors.
According to Puzzle Medical, the investment will support refinements to its heart pump design, advance clinical studies evaluating the device’s safety and performance, and help expand operational capacity. It noted that the raise is among the largest for a Canadian medical device firm in the past two years.
Founded in 2018, Puzzle Medical is developing the ModulHeart, a minimally invasive heart pump designed to support both cardiac and renal function. The device uses multiple 4mm pumps anchored in parallel in the descending aorta and is intended to serve as an alternative to traditional ventricular assist devices.
Desjardins Capital invested through its Capital régional et coopératif Desjardins (CRCD) fund. “Desjardins Capital’s investment in Puzzle Medical Devices via the CRCD is in step with our commitment to supporting the growth of companies that create revolutionary technology,” said Nathalie Bernard, chief operating officer at Desjardins Capital.
Puzzle Medical CEO and co-founder Jade Doucet-Martineau said the funding will help accelerate the company’s development plans. “These funds will accelerate our mission to transform the treatment of advanced heart failure,” she said.
As part of the announcement, the company added Kris Shah and David Prim to its board of directors, with Daniel Hétu and Steven Abrams joining as board observers.
The new funding follows a $34 million Series A round in 2023, which was used to support human feasibility studies. The company has reported early clinical results, including a 2022 study involving four high-risk patients, in which improvements in both cardiac and kidney function were observed.
Puzzle Medical plans to conduct a pivotal study involving a larger patient population as part of its next development phase. A commercial launch is targeted for 2029, with a Series B and subsequent Series C round expected to support this timeline.
