Vesteck Inc., an early-stage MedTech startup, has raised $4.3 million in Series A funding to bring its proprietary technology to the aortic repair, GI, and structural heart markets.
The funding round was led with $1.1 million by New World Angels and counted with participation from DeepWork Capital and Ocean Azul Partners. Other investors who also participated in the round include Robin Hood Ventures, Ben Franklin Technology Partners, and Delaware Crossing Investor Group. Vesteck will use this new funding to improve product manufacturing, preclinical testing, and completing human trials for FDA approval.
A platform technology consisting of 6 integrated devices that insert nitinol sutures into the catheter was developed by Vesteck to provide accurate clinical outcomes for patients with endovascular aortic aneurysms. Vesteck’s first product, the Suture-Tight, is a nitinol suture delivery catheter that is intended to be time-saving, easier to use, and safer for both the surgeon and the patient.
Vesteck’s CEO Joe Rafferty said he felt honored about some of the most distinguished investors in the world deciding to participate in the round, especially New World Angels. He also said the startup will make extra efforts to meet the significant demands of the market in order to prove the investors’ trust.
By 2028, the aortic repair market is expected to hit a significant revenue milestone of $4.5 billion, which Vesteck is aiming to capitalize on. New World Angels President, Steve O’Hara, referred to the firm’s participation in the round by saying:
“We are delighted to support Joe Rafferty and his team at Vesteck as they seek to improve patient outcomes for a number of less invasive surgeries, starting with endovascular aortic repair procedures.”
The flagship product developed by the MedTech startup is expected to bring a new solution to the endovascular aortic repair industry, becoming a standard of care and a solution to major challenges the global healthcare sector has experienced over the years.