MOUNTAIN VIEW — Robotics startup Moray Medical announced it has closed a total of $5.7 million in seed funding, an increase of $2.4 million compared to the initial raise reported in January. The investment was led by 415 CAPITAL and included Heal Capital, as well as a number of prominent medtech entrepreneurs, such as Fred St. Goar, MD, inventor of the MitralClip transcatheter mitral valve repair (TMVR) system.
The company plans to use the funding to continue development of its Coral system, an innovative interventional robotics platform powered by microfluidics and an augmented reality (AR) digital user interface. While the Coral platform promises to dramatically simplify a wide range of minimally invasive cardiovascular interventions, Moray Medical is initially focused on the rapidly growing transcatheter mitral valve repair (TMVR) market.
Moray Medical hopes to improve the quality of life for millions of people suffering with leaky heart valves. Using its proprietary microfluidic robotics, more cardiologists can safely and cost-effectively treat the large number of patients who need mitral valve clip therapies.
“There is no argument that transcatheter edge-to-edge repair (TEER), or clip therapy, is steadily evolving into the new clinical standard for heart valve repair. However, the intricacy and learning curve required by currently marketed devices means that the overwhelming majority of sick patients are not receiving treatment,” said Mark Barrish, CEO and Co-Founder of Moray Medical.
“Our Coral platform is designed to empower interventionalists at all skill levels not only to carry out these procedures but also to do so in a cost-efficient manner, with the goal of making certain that millions of additional sick patients who cannot be currently treated will get the life-saving intervention they need,” added Barrish.