CathWorks Acquisition, Valuation, Funding & Investors
CathWorks was acquired by Medtronic for $585M in July 2022.
About CathWorks
CathWorks is an Israeli medtech firm focused on computational cardiology tools for PCI optimization. Its FFRangio platform transforms standard coronary angiograms into functional assessments using AI-driven analysis, providing physicians with quantitative blood flow data to guide stent placement decisions.
Founded
2013
HQ
Kfar SabaWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$72M (Oct 2017)
CathWorks Acquisition
CathWorks was acquired by Medtronic for $585M on 12 July 2022.
Before the acquisition CathWorks had raised $151M across 4 funding rounds.
Medtronic announced on February 3, 2026, that it would exercise its option to acquire privately held Israeli medical device company CathWorks for $585 million in an all-cash transaction, with potential additional earn-out payments contingent on future milestone achievements. The acquisition follows a strategic partnership established in 2022 under which the companies jointly marketed CathWorks' FFRangio system in the U.S., Europe, and Japan. During the partnership, Medtronic also provided CathWorks with a $75 million loan. CathWorks, founded in 2013 and employing approximately 100 people (50 in Israel), has developed an AI-powered FFRangio System that provides non-invasive coronary artery disease evaluation using angiography-derived fractional flow reserve (FFR) assessment, offering an alternative to traditional wire-based FFR methods. Medtronic's acquisition strengthens its cardiovascular portfolio, which represents nearly 40% of the company's total revenue, by adding a diagnostic tool that enables real-time data analysis and individualized treatment optimization in the catheterization lab. The transaction was expected to close by the end of Medtronic's fiscal year 2026 (April 2026), pending U.S. Federal Trade Commission regulatory approval, and was projected to be immaterial to earnings in fiscal 2027 and neutral-to-accretive thereafter.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 12 Jul 2022 | Strategic M&A | $585M |
CathWorks Valuation
CathWorks is currently valued at $72M, based on its Series B in October 2017.
The $16M round was led by Quark Venture and Triventures, with participation from BioStar Capital, Corundum Open Innovations, Pontifax and Planven Entrepreneur Ventures.
CathWorks valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2017 | Series B | $72M |
CathWorks Funding History
CathWorks has raised a total of $151M across 4 funding rounds.
CathWorks' first fundraising round was a $16M Series B in October 2017. The most recent completed round was a $75M strategic investment round in July 2022.
CathWorks funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2022 | Strategic investment | Medtronic (lead) | $75M | - | CathWorks is an Israeli medtech company founded in 2013 that develops the FFRangio System, an AI-powered tool using angiography for non-invasive fractional flow reserve (FFR) assessment to diagnose coronary artery disease, offering an alternative to wire-based methods with high accuracy. The system supports real-time physiological evaluation of coronary lesions to guide revascularization decisions. In December 2022, Medtronic provided CathWorks with a $75 million loan/investment as part of a strategic partnership and co-promotion agreement to market FFRangio in the U.S., Europe, and Japan, where it was commercially available. This followed Medtronic's minority investment since 2018 and included an option for Medtronic to acquire CathWorks upon meeting milestones, estimated up to $585 million plus earn-outs, expiring in 2027, or CathWorks could compel the acquisition. Prior to the 2022 deal, CathWorks had raised $83 million total from investors including Triventures, Deerfield Management, Corundum, Pontifax, BioStar Ventures, Quark Ventures, and Planven. The company employed about 100 people, half in Israel. The co-promotion was expected to be neutral to Medtronic's fiscal 2023 earnings and accretive thereafter. In February 2026, Medtronic exercised its option to acquire CathWorks outright for up to $585 million plus undisclosed earn-outs, following successful co-promotion that validated FFRangio's disruption potential in cath labs. The acquisition, subject to regulatory approvals like FTC clearance, was set to close by end of Medtronic's FY2026 (April 2026), with plans to retain CathWorks' Israeli team and expand the technology globally. |
| Jan 2021 | Series D | - | $30M | - | CathWorks is a medical technology company developing the FFRangio system, a non-invasive diagnostic tool that analyzes routine angiogram images to provide 3D renderings of blood flow in coronary arteries, aiding decisions on treatments like stenting for coronary artery disease. The Series D funding round on January 7, 2021, raised $30 million to support commercialization and market expansion of the FFRangio system, as announced by the company. This followed earlier rounds, including a Series B in October 2017 with a valuation of $71.5 million, and preceded a 2022 Corporate Minority round of $75 million. The 2021 Series D included both new and existing investors, reflecting enthusiasm for the technology's clinical value, according to CEO Jim Corbett. CathWorks has raised a total of $150.8 million across four rounds as of 2022. Later developments include a 2022 strategic partnership with Medtronic for co-promotion of FFRangio in the US, Europe, and Japan, leading to Medtronic's announced acquisition in February 2026 valued up to $585 million, expected to close by end of fiscal 2026 pending regulatory approval. CathWorks continues to present clinical data, such as outcomes from over 4,000 US patients matching invasive FFR, and has been recognized in industry awards. |
| Feb 2019 | Series C | Deerfield (lead) | $30M | - | CathWorks, an Israel-based medtech company with operations in Aliso Viejo, CA, develops the FFRangio System, a non-invasive, AI-powered platform that provides real-time fractional flow reserve (FFR) guidance during coronary angiography to optimize percutaneous coronary intervention (PCI) decisions without additional procedural risks or costs. The system received FDA 510(k) clearance on December 19, 2018, based on the FAST-FFR clinical study demonstrating equivalence to invasive FFR. On February 4, 2019, CathWorks closed a $30 million Series C financing round led by Deerfield Management, with full participation from existing investors. The funding supports U.S. market entry, clinical acceleration, and commercial activities following FDA clearance and positive clinical study results. CEO Jim Corbett highlighted investor excitement around the technology's potential. Deerfield Principal Andrew ElBardissi emphasized FFRangio's promise to become standard of care in PCI by enabling physiologic assessment for revascularization decisions, benefiting clinicians, patients, and payers. Co-founder Guy Lavi noted the investment's role in FFRangio market launch and ongoing technical development, thanking clinical partners in Israel, the U.S., and Europe. Later developments include a 2022 Medtronic co-promotion deal and $75M corporate minority investment, leading to a 2026 acquisition option exercised at up to $585M valuation. |
| Oct 2017 | Series B | Quark Venture (lead); Triventures (lead); BioStar Capital; Corundum Open Innovations; Pontifax; Planven Entrepreneur Ventures | $16M | $72M | CathWorks is a medical technology company developing non-invasive fractional flow reserve (FFR) measurements for guiding coronary interventions. In October 2017, it completed a $15.8 million Series B financing round led by Quark Venture and Triventures, with participation from BioStar Capital, Corundum Open Innovations, Planven Entrepreneur Ventures, and Pontifax. The post-money valuation for this round was $71.5 million. The funding supported advancement of CathWorks' technology aimed at transforming cardiovascular disease diagnosis and treatment. CathWorks has since raised additional capital, totaling $150.8 million over four rounds, including a Series C in 2019 and Series D in 2021, culminating in a $75 million corporate minority round in 2022. |
Who has invested in CathWorks?
8 investors have backed CathWorks across its funding rounds, including Deerfield, Pontifax, Medtronic, Triventures, Quark Venture and BioStar Capital.
Lead investors include Medtronic, Deerfield, Quark Venture and Triventures.
CathWorks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Petoskey, MI | 1 | Participant | Oct 2017 | |
 Vancouver | 1 | Lead | Oct 2017 | |
| Minneapolis, MN | 1 | Lead | Jul 2022 | |
| Herzliya | 1 | Lead | Oct 2017 | |
| Herzliya | 1 | Participant | Oct 2017 | |
| Herzliya | 1 | Participant | Oct 2017 | |
This data is available for Pro users. Sign up to see all 8 CathWorks investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCathWorks Competitors
CathWorks competitors include listed companies like UltraGreen.ai and NIOX Group, and private ones like SiBionics, Carestream, InnerMedical and Svision.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Singapore | Publicly listed | $138M | $78M | $672M | 2.9x | |
 China | Private | - | - | $717M | - | |
| Shanghai | Private | - | - | $800M | - | |
| Shenzhen | Private | - | - | $363M | - | |
| Luoyang | Private | - | - | $348M | - | |
 United Kingdom | Publicly listed | $65M | $20M | $373M | 5.2x |
CathWorks Public Comps
CathWorks is no longer listed, but its public comps include RaySearch Labs, Curiox Biosystems, OrthoPediatrics, Delcath Systems, Nanosonics, Oculis Holding, Integral Diagnostics, Ocumension, BrainsWay and Assure Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $137M | $59M | 4.4x | 4.2x | 10.1x | 9.3x | |||
| $4M | ($17M) | 156.6x | - | (33.9x) | - | |||
| $236M | ($12M) | 2.6x | 2.4x | (51.6x) | 28.2x | |||
| $85M | $939K | 5.5x | 4.7x | 501.0x | 28.4x | |||
| $145M | $18M | 3.6x | 3.5x | 29.6x | 31.1x | |||
| - | ($121M) | - | 283.0x | (2.8x) | (3.3x) | |||
| $561M | $99M | 1.8x | 1.8x | 10.2x | 8.4x | |||
| $120M | ($3M) | 4.1x | - | (178.3x) | - | |||
This data is available for Pro users. Sign up to see all CathWorks competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CathWorks
| When was CathWorks founded? | CathWorks was founded in 2013. |
| Where is CathWorks headquartered? | CathWorks is headquartered in Kfar Saba, Israel. |
| Is CathWorks publicly listed? | No, CathWorks was acquired by Medtronic in July 2022. |
| Who acquired CathWorks? | CathWorks was acquired by Medtronic in July 2022. |
| How much was CathWorks acquired for? | CathWorks was acquired for $585M in July 2022. |
| What is CathWorks' valuation? | CathWorks was last valued at $72M in its Series B in October 2017. |
| How much funding has CathWorks raised? | CathWorks has raised $151M across 4 funding rounds. |
| What was CathWorks' last funding round? | CathWorks' last funding round was a $75M strategic investment round in July 2022, led by Medtronic. |
| Who are CathWorks' investors? | CathWorks' investors include BioStar Capital, Quark Venture, Medtronic, Triventures, Corundum Open Innovations, Pontifax, Planven Entrepreneur Ventures and Deerfield. |
| Which companies are comparable to CathWorks? | Companies comparable to CathWorks include UltraGreen.ai, SiBionics, Carestream, InnerMedical, Svision and NIOX Group. |
See companies similar to CathWorks
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.