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- JenaValve Technology
JenaValve Technology Acquisition, Valuation, Funding & Investors
JenaValve Technology was acquired by Edwards Lifesciences for $945M in July 2024.
Cumulative funding JenaValve Technology raised
$267M
across 7 funding rounds
Key investors in JenaValve Technology
GIMV
Legend Capital
Andera Partners
VI Partners
Neomed Management
RMM
Atlas Venture
Bain Capital
About JenaValve Technology
JenaValve Technology is an Irvine-headquartered medical device company with facilities in Leeds and Munich that develops transcatheter heart valve systems. Its Trilogy Heart Valve received CE Mark in May 2021 for treating severe aortic regurgitation and stenosis in high-risk patients, holding FDA Breakthrough Device Designation for U.S. trials.
Founded
2006
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$945M (acquired Jul 2024)
Sectors
JenaValve Technology Acquisition
JenaValve Technology was acquired by Edwards Lifesciences for $945M on 24 July 2024.
Before the acquisition JenaValve Technology had raised $267M across 7 funding rounds.
JenaValve Technology develops transcatheter aortic valve replacement (TAVR) systems, including the Trilogy Heart Valve System, designed for symptomatic severe aortic regurgitation (AR) and aortic stenosis in high surgical-risk patients. The system has CE Mark approval in Europe and showed positive U.S. pivotal trial results, with anticipated FDA approval in late 2025. Edwards Lifesciences, a leader in structural heart innovation, announced in July 2024 an agreement to acquire JenaValve for $945 million as part of a $1.2 billion package including Endotronix, aiming to expand its portfolio into the underserved AR market and leverage synergies in technology and clinical evidence. The strategic rationale focused on addressing AR, a deadly condition affecting millions with limited treatments, by combining JenaValve's pioneering TAVR-AR device with Edwards' expertise, including its own Sojourn valve in the JOURNEY trial. Edwards had already completed its acquisition of JC Medical in July or August 2024, securing IP and rights to the J-Valve, another TAVR-AR system. In August 2025, the FTC challenged the JenaValve deal, alleging it would eliminate competition between the only two U.S. firms with ongoing TAVR-AR clinical trials, potentially reducing innovation, product quality, and raising prices. On January 9, 2026, the U.S. District Court for the District of Columbia granted the FTC's preliminary injunction after a six-day trial, blocking the transaction. Edwards discontinued the acquisition on January 12, 2026, despite disagreeing with the ruling and believing it served patient interests, revising its 2026 adjusted EPS guidance upward to $2.90-$3.05. The FTC had offered divestiture of JC Medical, which Edwards rejected, highlighting regulatory scrutiny on serial acquisitions in concentrated medical device markets.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 24 Jul 2024 | Strategic M&A | $945M |
JenaValve Technology Funding History
JenaValve Technology has raised a total of $267M across 7 funding rounds.
JenaValve Technology's first fundraising round was a $63M Series C in July 2013. The most recent completed round was a $100M Series C in August 2022.
JenaValve Technology funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2022 | Series C | Bain Capital (lead); Venture Incubator; Innovatus Capital Partners; Qatar Investment Authority; RMM; Peijia Medical; GIMV; Andera Partners; Pictet Alternative Advisors; Valiance Asset Management; Cormorant Asset Management | $100M | JenaValve Technology is a medical device company developing transcatheter aortic valve replacement (TAVR) systems, specifically the Trilogy Heart Valve System, for treating high surgical risk patients with symptomatic severe aortic regurgitation (AR) and aortic stenosis (AS). The company has locations in Irvine, California, Leeds, UK, and Munich, Germany, and holds CE Mark approval in Europe for its Trilogy THV System, enabling commercial sales there. It is advancing toward FDA approval in the US via the ALIGN-AR clinical trial under an investigational device exemption (IDE) for premarket approval (PMA). On August 31, 2022, JenaValve closed a $100 million Series C (or Series H per some sources) equity financing led by Bain Capital Life Sciences, with participation from existing investors Andera Partners, Valiance Asset Management (or Advisors), GIMV (Gimv), Cormorant Asset Management, RMM, and Venture Incubator, plus new investors Pictet Alternative Advisors SA, Qatar Investment Authority (QIA), Innovatus Capital Partners, and Peijia Medical Limited. Proceeds will fund completion of the IDE PMA study for FDA approval, real-world data initiatives in Europe leveraging commercial sales, and expansion of worldwide manufacturing for a potential US launch. The financing supports JenaValve's aim to address a multi-billion-dollar US market opportunity as the first FDA-approved transfemoral TAVR for severe AR. JenaValve competes with major players like Edwards Lifesciences, Medtronic, and Johnson & Johnson in the TAVR space, differentiating on dual-disease treatment capabilities for AR and AS in high-risk patients. The company had prior fundraising, including a $50 million round led by Bain Capital Life Sciences announced earlier. |
| Jan 2022 | Series A | - | $8M | JenaValve Technology, Inc. develops transcatheter aortic valve replacement (TAVR) systems, including the Trilogy Heart Valve System for treating high surgical risk patients with symptomatic, severe aortic regurgitation (AR). The company completed the initial closing of a $100 million Series C financing on August 31, 2022, led by Bain Capital Life Sciences with participation from existing investors Andera Partners, Valiance Advisors, Gimv, Cormorant Asset Management, RMM, and Venture Incubator, plus new investors Pictet Alternative Advisors SA, Qatar Investment Authority, Innovatus Capital Partners, and Peijia Medical Limited. Proceeds support completion of the ALIGN-AR IDE premarket approval study for FDA approval, real-world data initiatives in Europe, and expansion of manufacturing capabilities. The financing targets JenaValve's goal to be the first FDA-approved transfemoral TAVR system for symptomatic, severe AR, addressing a multi-billion-dollar U.S. market. The Trilogy System holds CE Mark approval for severe, symptomatic aortic stenosis in Europe. JenaValve had completed enrollment in the ALIGN-AR IDE clinical trial to support future PMA submission in the U.S. |
| Feb 2020 | Undisclosed stage | Bain Capital (lead); RMM; GIMV; Andera Partners; Neomed Management; VI Partners; Valence Life Sciences; Legend Capital | $50M | JenaValve Technology, a developer of transcatheter aortic valve replacement (TAVR) systems for treating aortic valve diseases including aortic stenosis and aortic regurgitation, closed a $50 million equity financing round on February 5, 2020, led by Bain Capital Life Sciences with participation from existing investors Andera Partners, Gimv, Legend Capital, NeoMed Management, RMM, Valence Life Sciences (also referred to as Valiance Life Sciences), and VI Partners. The round supported the company's ongoing Align Clinical Trial following FDA Breakthrough Device designation for symptomatic severe aortic regurgitation and AR-dominant mixed aortic valve disease, as well as plans to file for U.S. Humanitarian Device Exemption approval and CE mark for both aortic stenosis and regurgitation in the second half of 2020. Bain Capital managing director Andrew Hack joined the JenaValve board post-financing. The JenaValve Pericardial TAVR System targets high surgical-risk patients with severe AR, addressing a multi-billion-dollar market opportunity as no other transcatheter valve had FDA approval for this indication at the time. The company, with operations in Irvine, California, Leeds, U.K., and Munich, Germany, emphasized the system's differentiation in treating AR patients. Prior funding included a $99 million Series C in 2015 with similar investors and smaller rounds in 2016 and 2017. A subsequent $100 million financing was later announced, also led by Bain Capital Life Sciences, to advance the Trilogy TAVR system toward FDA approval, expand European real-world data, and scale manufacturing, but details confirm it as a separate event from the $50 million raise. |
| Aug 2016 | Series A | - | $10M | JenaValve Technology closed a $26.5 million Series C funding round on approximately November 8, 2016, co-led by RMM and Valiance, with participation from existing investors including Atlas Venture, Edmond de Rothschild Investment Partners, Gimv, Legend Capital, NeoMed Management, and VI Partners. The company develops replacement heart valves, specifically transcatheter aortic valve implants (TAVI/TAVR) for patients with aortic disease. Proceeds supported further growth, key clinical studies for European regulatory approval, a US feasibility study, and advancement of a new aortic valve and transfemoral delivery system. JenaValve positioned itself as a competitor to market leaders like Edwards Lifesciences and Medtronic in the rapidly growing TAVR market. |
| Aug 2015 | Series C | RMM (lead); Valiance Solutions; Atlas Venture; GIMV; Andera Partners; Neomed Management; VI Partners; Legend Capital | $27M | JenaValve Technology, Inc. is a medical device company headquartered in Irvine, California, that develops and manufactures transcatheter aortic valve replacement (TAVR) systems to treat patients with aortic valve disease. The company's transapical TAVR system, consisting of the JenaValve valve system with the Cathlete Plus delivery system, had received CE Mark approval for aortic valve stenosis and was indicated for treatment of patients with aortic valve insufficiency. JenaValve was actively marketing its transapical TAVR device in Europe and selected markets worldwide. In August 2015, JenaValve completed a $26.5 million Series C expansion round of financing led by RMM (Rudi Mariën) and Valiance, with participation from existing investors Atlas Venture, Edmond de Rothschild Investment Partners, GIMV, Legend Capital, NeoMed Management, Omega Funds, Sunstone Capital, and VI Partners. The financing was designed to support the company's further growth in the development and marketing of next-generation TAVR systems and to enable execution of key clinical studies required to gain European regulatory approval and complete a United States feasibility study for its new aortic valve and transfemoral delivery system. At the time of the round, the company was positioning itself as a challenger to market leaders Edwards Lifesciences, Medtronic, and other large device manufacturers in the rapidly growing TAVR market. |
| Apr 2014 | Series C | RMM (lead); Valiance Asset Management (lead); Atlas Venture; GIMV; Omega Funds; Neomed Management; VI Partners; Legend Capital; Sunstone Life Science Ventures | $10M | - |
| Jul 2013 | Series C | Atlas Venture; GIMV; Omega Funds; Andera Partners; Neomed Management; VI Partners; Legend Capital; Sunstone Life Science Ventures | $63M | JenaValve Technology is a medical device company focused on developing transcatheter aortic valve implantation (TAVI) systems for structural heart disease treatment, particularly severe aortic regurgitation and aortic stenosis. The company's core product is the Trilogy Heart Valve System, designed for minimally invasive treatment of patients deemed high-risk for traditional surgical aortic valve replacement. The device received CE mark approval in Europe, establishing early market presence in the European TAVI market. In September 2013, JenaValve announced a Series C venture funding round of $62.5 million led by Belgium-based Gimv, with participation from Beijing-based Legend Capital (venture arm of Legend Holdings Ltd.), Omega Funds (international healthcare-focused investment firm), and other investors. The financing was intended to fund clinical trials, expand commercial infrastructure, and support the company's expansion into new markets, including the United States and China. At the time of the round, the company was commencing clinical studies for its new transfemoral TAVI product and aiming to significantly increase revenue from its transapical product across European and global markets. |
Who has invested in JenaValve Technology?
19 investors have backed JenaValve Technology across its funding rounds, including GIMV, Legend Capital, Andera Partners, VI Partners, Neomed Management and RMM.
Lead investors include Bain Capital, RMM and Valiance Asset Management.
JenaValve Technology Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | Jul 2013 | ||
| 4 | Lead | Apr 2014 | ||
| 4 | Participant | Jul 2013 | ||
| 4 | Participant | Jul 2013 | ||
| 4 | Participant | Jul 2013 | ||
| 4 | Participant | Jul 2013 | ||
| 3 | Participant | Jul 2013 | ||
| 2 | Participant | Jul 2013 | ||
| 2 | Lead | Feb 2020 | ||
| 2 | Lead | Apr 2014 | ||
| 2 | Participant | Jul 2013 | ||
| 1 | Participant | Aug 2022 | ||
| 1 | Participant | Aug 2015 | ||
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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 TrialJenaValve Technology Competitors
JenaValve Technology competitors include listed companies like Shanghai Haohai and Obsidian Therapeutics, and private ones like AcuityMD, Synchron, ZD Medtech and BenevolentAI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $955M | - | ||
| Private | - | - | $900M | - | ||
| Private | - | - | $900M | - | ||
| Private | $10M | - | $1B | 100.0x | ||
| Publicly listed | $365M | $59M | $889M | 1.8x | ||
| Publicly listed | - | ($104M) | $1.1B | - |
JenaValve Technology Public Comps
JenaValve Technology is no longer listed, but its public comps include CeriBell, Mani Inc., Shanghai Haohai, MedicalSystem Technology, Enovis, Bioventus, Wandong Medical, InMode, Kuros Biosciences and iRadimed.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $89M | ($50M) | 9.6x | 7.9x | (17.0x) | (14.2x) | |||
| $193M | $60M | 4.0x | 3.6x | 12.9x | 9.7x | |||
| $365M | $59M | 1.7x | 1.8x | 10.6x | 10.1x | |||
| $45M | $12M | 18.9x | 15.6x | 70.7x | 62.9x | |||
| $2.2B | ($830M) | 1.1x | 1.0x | (2.9x) | 5.7x | |||
| $568M | $99M | 2.0x | 1.9x | 11.4x | 9.4x | |||
| $201M | ($46M) | 3.1x | 3.2x | (13.7x) | - | |||
| $370M | $86M | 0.9x | 0.9x | 4.0x | 4.4x | |||
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Common questions about JenaValve Technology
| When was JenaValve Technology founded? | JenaValve Technology was founded in 2006. |
| Where is JenaValve Technology headquartered? | JenaValve Technology is headquartered in Los Angeles, CA, United States. |
| Is JenaValve Technology publicly listed? | No, JenaValve Technology was acquired by Edwards Lifesciences in July 2024. |
| Who acquired JenaValve Technology? | JenaValve Technology was acquired by Edwards Lifesciences in July 2024. |
| How much was JenaValve Technology acquired for? | JenaValve Technology was acquired for $945M in July 2024. |
| How much funding has JenaValve Technology raised? | JenaValve Technology has raised $267M across 7 funding rounds. |
| What was JenaValve Technology's last funding round? | JenaValve Technology's last funding round was a $100M Series C in August 2022, led by Bain Capital. |
| Who are JenaValve Technology's investors? | JenaValve Technology's investors include GIMV, RMM, Andera Partners, Neomed Management, VI Partners, Legend Capital, Atlas Venture, Omega Funds, Bain Capital, Valiance Asset Management and 9 others. |
| Which companies are comparable to JenaValve Technology? | Companies comparable to JenaValve Technology include AcuityMD, Synchron, ZD Medtech, BenevolentAI, Shanghai Haohai and Obsidian Therapeutics. |
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