# CathWorks

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cathworks

- Industry: Medical Devices & Equipment
- Headquarters: Kfar-saba, Israel
- Website: www.cath.works
- Total disclosed funding: $46M
- Latest round: Series C (Feb 4, 2019)
- Investors on record: 7

## About

CathWorks Ltd. specializes in advanced diagnostic solutions for coronary artery disease, utilizing innovative technology to enhance the assessment of coronary physiology and improve interventional cardiology outcomes.Founded in 2013 and headquartered in Kfar Saba, Israel, CathWorks Ltd. develops the FFRangio System, a groundbreaking tool for evaluating coronary artery disease. The company has undergone no significant pivots and does not have subsidiaries. Led by CEO Ramin Mousavi, who has a history in medical technology, CathWorks has secured a total of USD 75.00 mn in funding, with the most recent round led by Medtronic plc on July 12, 2022. The company’s current valuation stands at USD 1.00 bn.CathWorks primarily offers the FFRangio System, an advanced diagnostic tool designed to enhance the assessment of coronary physiology in patients with suspected coronary artery disease (CAD). The FFRangio System utilizes artificial intelligence and advanced computational science to derive fractional flow reserve (FFR) values from standard angiographic images. This innovation allows interventional cardiologists to obtain critical physiological data without the need for invasive pressure wire measurements. The system has received multiple regulatory approvals, including 510(k) clearance in the United States, Israel Amar approval, and PMDA approval in Japan, as well as CE marking for European markets. Its customer base includes hospitals and healthcare institutions focused on cardiac care in North America, Europe, and Asia.CathWorks generates revenue through direct sales of its FFRangio System to healthcare providers specializing in cardiology. Hospitals purchase the system as part of their interventional cardiology equipment, enhancing diagnostic capabilities. The company may also pursue strategic partnerships with medical technology firms to extend its market reach. Specific pricing details are not disclosed, but transactions are typically based on direct sales agreements which may include service packages for ongoing support.Following the recent acquisition deal on July 12, 2022, with Medtronic plc for approximately USD 75.00 mn, CathWorks is positioned to expand its digital healthcare technology into the US, Europe, and Japan markets. Medtronic has an option to acquire CathWorks for USD 585.00 mn by July 2027. This funding will facilitate the development of new products, further enhancing the capabilities of the FFRangio System and supporting the company's strategic expansion into these targeted regions.

## Funding rounds

- Series C, Feb 4, 2019, $30M — Deerfield Management
- Series B, Oct 2, 2017, $16M — BioStar Capital, Pontifax Venture Capital, Triventures, Quark Venture, Planven, Corundum Open Innovation

## Investors

- BioStar Capital (https://capitalatlas.ai/funds/biostar-capital) — Series B
- Pontifax Venture Capital (https://capitalatlas.ai/funds/pontifax-venture-capital) — Series B
- Triventures (https://capitalatlas.ai/funds/triventures) — Series B
- Quark Venture (https://capitalatlas.ai/funds/quark-venture) — Series B
- Planven (https://capitalatlas.ai/funds/planven) — Series B
- Corundum Open Innovation (https://capitalatlas.ai/funds/corundum-open-innovation) — Series B
- Deerfield Management (https://capitalatlas.ai/funds/deerfield-management) — Series C