FineHeart, a clinical-stage medical technology company developing implantable solutions for cardiology, has secured a total of €83 million in financing that blends private capital with non-dilutive European public funding to advance its FlowMaker device and accelerate the company’s path toward industrialization and clinical development.
The company said it has completed a €35 million first closing of its Series C round, a step it described as instrumental in activating additional European public support through the IPCEI Tech4Cure program. Alongside the equity financing, FineHeart expects to benefit from €48 million in IPCEI Tech4Cure grants that will be disbursed in multiple tranches, bringing the overall financing package to €83 million.
FineHeart stated that the initial Series C closing includes new investors Groupe Pasteur Mutualité and Groupe Etchart, as well as significant participation from the European Innovation Council’s EIB fund. Existing backers, including FH Founders, Lurra, IRDI, Groupe Doliam, and NACO, also participated, renewing support as FineHeart moves FlowMaker into its next development phase.
In parallel with its fundraising, FineHeart said it will serve as lead partner on an IPCEI Tech4Cure project aimed at strengthening the European active implantable medical devices (AIMDs) sector. The work is expected to focus on key technical challenges for implantable systems, including miniaturizing power supply technologies, reducing overall energy requirements, and improving long-term reliability and durability—areas FineHeart says underpin the design of FlowMaker.
FlowMaker is positioned by the company as the world’s first fully implantable cardiac output accelerator for advanced heart failure. FineHeart said the device is fully intraventricular and synchronized with natural heart contractions, providing physiological support without requiring aortic bypass. The system is designed to operate with low energy consumption and avoid percutaneous connections to external batteries by using transcutaneous energy transfer (TET) for recharging, which the company says can reduce infection risk and improve quality of life. FineHeart added that implantation is performed through a minimally invasive procedure on a beating heart and typically takes about 90 minutes.
FineHeart, headquartered in Bordeaux and Tours, said FlowMaker could ultimately address roughly 200,000 advanced heart failure patients annually, with an initial focus on approximately 50,000 of the most severe patients eligible for cardiac assistance who are not treated by current LVAD options. The company estimates this initial market opportunity at more than €5 billion.
Founded by CEO Arnaud Mascarell with a team of cardiac surgeons and electrophysiologists, FineHeart said it holds an international portfolio of 160 patents across 27 patent families. The company’s scientific leadership includes Dr. Stéphane Garrigue, the company’s CSO and the inventor of the underlying concept, and Dr. Philippe Ritter, a co-inventor of cardiac resynchronization therapy.
KEY QUOTES
“We are delighted to welcome new investors at this first closing. I would like to extend my special thanks to Groupe Pasteur Mutualité and the European Innovation Council (EIC) for their key contributions, as well as to our long-standing shareholders, led by FH Founders, for their unwavering support. Together with the IPCEI, this funding strengthens our ambition to build disruptive, IP-protected technologies that enable more predictive, personalized, preventive, and participatory medicine—while advancing Europe’s industrial competitiveness and healthcare sovereignty.”
Arnaud Mascarell, CEO and Co-Founder, FineHeart
“Groupe Pasteur Mutualité acts for health by combining prevention, solidarity, and support for innovation. By supporting FineHeart, we fund a technology that can transform the treatment of severe heart failure, driven by the same ambition: to advance health for everyone.”
Thierry Lorente, Managing Director, Groupe Pasteur Mutualité
