French MedTech FineHeart Raises €83 Million Funding

Investors in the round include Groupe Pasteur Mutualité, Groupe Etchart, and the European Innovation Council (EIC)’s EIB fund, alongside participation from existing investors FH Founders, Lurra, IRDI, Groupe Doliam, and NACO.

Additionally, FineHeart has secured €48 million in grants from the IPCEI Tech4Cure programme, supporting its role as lead partner in structuring the European Active Implantable Medical Devices (AIMD) sector.

Arnaud Mascarell, CEO and co-founder of FineHeart, said, “Together with the IPCEI, this funding strengthens our ambition to build disruptive, IP-protected technologies that enable more predictive, personalised, preventive and participatory medicine while advancing Europe’s industrial competitiveness and healthcare sovereignty.”

FineHeart, founded in 2010 by Arnaud Mascarell, Dr Stéphane Garrigue (CSO and inventor of FlowMaker®), Dr Philippe Ritter (co-inventor of cardiac resynchronisation therapy, CRT), and Philippe Plas (25+ years in cardiac rhythm management), develops advanced cardiovascular medical devices.

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Its flagship product, FlowMaker®, is the world’s first fully implantable cardiac output accelerator for advanced heart failure. Described as a hybrid between a pacemaker and a cardiac assist device, it is fully intraventricular, synchronizes with natural heart contractions and supports physiological blood flow without requiring aortic bypass.

“By operating in synergy with native cardiac contractions, the FlowMaker® consumes little energy and does not require any percutaneous connection to external batteries. It is recharged via a transcutaneous energy transfer (TET) system, thereby reducing any risk of infection and significantly improving patients’ quality of life,” FineHeart explained in the press release.

FineHeart’s FlowMaker® is implanted using a minimally invasive, beating-heart procedure, typically performed by cardiac surgeons in about 90 minutes.

To date, the company has raised a total of €83 million, combining private investment and non-dilutive European public funding. In July 2025, FineHeart was designated lead partner of the IPCEI Tech4Cure project, approved by the European Commission under EU State aid rules to support medical device innovation, including novel digital and AI features, and jointly notified by six EU member states: France, Hungary, Italy, Latvia, Slovakia and Slovenia.

FineHeart holds an international patent portfolio of 160 patents across 27 families. Its financing comes from a mix of public and private investors, including FH Founders, Doliam, Etchart Group, and funds such as Groupe Pasteur Mutualité, Lurra, Aquiti Gestion, Galia Gestion, Broadview Ventures, IRDI Capital Investment, M Capital, UI Investment, and Verve Capital. The company also receives support from the European Union (EIC), Bpifrance, and the Nouvelle-Aquitaine and Centre-Val de Loire regions.

About FineHeart

FineHeart, a clinical-stage medical device company based in Bordeaux and Tours, develops FlowMaker®, an innovative cardiac output accelerator for advanced heart failure. Targeting the 50,000 most severe patients not served by current LVADs, the company addresses a potential market of over €5 billion, with an estimated 200,000 eligible patients annually.