Restore Medical, a medical technology company from Israel, has raised $23 million in a Series B funding round. The money will be used to develop its new, less invasive device that helps treat heart failure. This serious condition still causes many deaths and hospital stays around the world, even after years of new medicines.
The new funding, announced on Monday, is led by Pitango HealthTech—one of Israel’s biggest healthcare investment firms—and a global healthcare partner that hasn’t been named.
Other investors in this round include the European Innovation Council (EIC) Fund and Peregrine Ventures, which have been supporting Restore Medical since the beginning.
The new funding will help Restore Medical finish a current study in Europe. Early results from this study have shown promising signs that the device is safe and works well over time.
The money will also be used to initiate a clinical trial in the U.S. This follows the FDA’s 2024 decision to grant the device Breakthrough Device Designation, which accelerates approval for new technologies that address significant medical needs.
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Heart failure affects around 64 million people worldwide and continues to be a major problem for healthcare systems. It is especially difficult to treat in patients with Heart Failure with reduced Ejection Fraction (HFrEF).
Although medicines have helped many people live longer and feel better, many patients still have symptoms when standard treatments stop working. Some device-based treatments are available, such as defibrillators or heart pumps, but they typically involve risky surgery or are only used in the most severe cases.
Restore Medical’s new technology is designed to fill the treatment gap using a transcatheter method, which means it can be done without open-heart surgery.
Early trial results suggest that it may help improve the heart’s shape and function (cardiac remodeling), enhance blood flow (hemodynamic performance), and increase the amount of physical activity patients can tolerate.
The company was co-founded by CTO Stephen Bellomo, Dr. Elchanan Bruckheimer (Medical Director), and Aaron Feldman, and is led by CEO Gilad Marom. It began operations within Peregrine Ventures’ Incentive Incubator.
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