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- Pi-Cardia
Pi-Cardia Valuation, Funding & Investors
Pi-Cardia is valued at $210M as of September 2026.
Last Pi-Cardia valuation
$210M
Strategic investment · Sep 2026
Last Pi-Cardia funding round
$80M
Strategic investment · Sep 2026
Cumulative funding Pi-Cardia raised
$117M
across 3 funding rounds
Key investors in Pi-Cardia
Sofinnova Partners
Medtronic
Innogest Capital
Atlante Ventures
Clal Biotechnology
Jacques R. Seguin
About Pi-Cardia
Pi-Cardia is an Israeli medical technology company based in Rehovot that develops non-implant, catheter-based devices for treating heart valve calcification, particularly aortic stenosis, without requiring valve replacement. Its ShortCut leaflet modification device, cleared by the FDA, is used to modify diseased valve leaflets ahead of complex transcatheter aortic valve replacement (TAVR) procedures, including cases at risk of coronary obstruction during valve-in-valve TAVR. The company's earlier Leaflex technology used mechanical scoring to fracture calcified valve leaflets and restore valve mobility as a potential alternative to TAVR for heavily calcified or bicuspid valves.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$210M (Sep 2026)
Sectors
Pi-Cardia Valuation
Pi-Cardia is currently valued at $210M, based on its strategic investment round in September 2026.
The $80M round was led by Medtronic.
Pi-Cardia's valuation has grown 5.3x from $40M at its Series C in January 2016 to $210M in September 2026, across 2 priced rounds.
Pi-Cardia valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2026 | Strategic investment | $210M |
| Jan 2016 | Series C | $40M |
Pi-Cardia Funding History
Pi-Cardia has raised a total of $117M across 3 funding rounds.
Pi-Cardia's first fundraising round was a $10M Series C in January 2016. The most recent completed round was a $80M strategic investment round in September 2026.
Pi-Cardia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Strategic investment | Medtronic (lead) | $80M | $210M | Medtronic announced a strategic investment in Pi-Cardia on September 1, 2026, committing up to $80 million and securing an option to acquire the company after predefined milestones for an estimated upfront price of up to $210 million, plus potential earn-out payments. Medtronic is also expected to become the exclusive global commercial distributor of Pi-Cardia’s FDA-cleared ShortCut leaflet modification device in 2027. The transaction is designed to strengthen Medtronic’s structural heart portfolio, with a focus on complex transcatheter aortic valve replacement procedures and patients at risk of coronary obstruction during valve-in-valve TAVR. Pi-Cardia develops leaflet modification technologies for structural heart disease and is described as a pioneer in the category, with ShortCut as its first FDA-cleared technology. Pi-Cardia is based in Rehovot, Israel, and Medtronic described the company as a pioneer in leaflet modification technologies for structural heart disease. The agreement positions Medtronic to expand access to Pi-Cardia’s device globally and build out its commercial presence in complex TAVR care. |
| Apr 2020 | Undisclosed stage | Sofinnova Partners (lead); Jacques R. Seguin | $27M | - | Pi-Cardia Ltd., based in Rehovot, Israel, develops non-implant catheter-based solutions for treating heart valve calcification, particularly aortic stenosis. Its lead product, the Leaflex Performer catheter, uses mechanical scoring to fracture calcified valve leaflets, restoring mobility and improving hemodynamics without valve replacement, positioning it as a potential alternative or complement to transcatheter aortic valve replacement (TAVR) for heavily calcified or bicuspid valves. The technology has demonstrated safety and feasibility in first-in-human studies. On April 20, 2020, Pi-Cardia closed a $27 million Series D financing round led by Sofinnova Partners, with participation from company chairman Professor Jacques Séguin and existing investors. The funds are designated to support parallel clinical trials, including U.S. feasibility and European pivotal studies, to establish the long-term safety and efficacy of Leaflex as a standalone treatment. This brings total funding raised to approximately $37 million across multiple rounds. Sofinnova Partners highlighted the potential in the $9 billion aortic valve market, noting an opportunity to defer valve replacement for growing patient populations. CEO Erez Golan emphasized commitment to innovation amid the COVID-19 crisis, aiming to revolutionize structural heart disease treatment. |
| Jan 2016 | Series C | Atlante Ventures; Innogest Capital; Clal Biotechnology | $10M | $40M | Pi-Cardia, an Israel-based medtech company founded in 2009, develops the Leaflex Catheter System, a non-implant technology that uses mechanical impact to fracture calcifications in aortic valves, treating aortic stenosis while preserving native valve integrity. The Leaflex enables valve restoration without implantation, positioning it as a simpler, lower-cost alternative to transcatheter aortic valve replacement (TAVR) procedures, particularly for bicuspid valves or budget-constrained markets. In January 2016, Pi-Cardia completed a $10 million financing round with participation from Atlante Ventures (Fondo Atlante Ventures), Clal Biotechnology Industries, Innogest Capital, VI-Ventures, and a new unnamed strategic investor, alongside existing backers like Anatomy Medical Technologies Fund. One report indicated the strategic investor acquired a 25% equity stake for the $10 million. The post-money valuation for this round was $40 million. Funds supported development of a second-generation device and continuation of clinical studies toward CE Mark after successful first-in-man (FIM) patient enrollment in Europe in 2015, demonstrating safety and feasibility. Pi-Cardia targets the multi-billion-dollar aortic stenosis market dominated by SAVR/TAVR, aiming to expand treatment options amid growing demand and TAVR limitations like cost and complexity. |
Who has invested in Pi-Cardia?
6 investors have backed Pi-Cardia across its funding rounds, including Sofinnova Partners, Medtronic, Innogest Capital, Atlante Ventures, Clal Biotechnology and Jacques R. Seguin.
Lead investors include Medtronic and Sofinnova Partners.
Pi-Cardia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Sep 2026 | ||
| 1 | Lead | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Jan 2016 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPi-Cardia Competitors
Pi-Cardia competitors include listed companies like Profound Medical and Onward Medical, and private ones like Kwivik Therapeutics Inc, Cnoga Medical, AMT and Cresilon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $213M | - | ||
| Publicly listed | $16M | ($43M) | $215M | 8.1x | ||
| Private | - | - | $217M | - | ||
| Private | - | - | $218M | - | ||
| Private | - | - | $202M | - | ||
| Publicly listed | $4M | ($44M) | $224M | 12.8x |
Pi-Cardia Public Comps
Pi-Cardia is still privately-owned, but its public comps include Median Technologies, Profound Medical, Edap TMS, SmartVest, RxSight, Pro-Dex, Ascom, Onward Medical, Neuronetics and Ilex Medical.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $27M | ($29M) | 8.1x | 7.4x | (7.5x) | (12.0x) | |||
| $16M | ($43M) | 11.4x | 8.1x | (4.3x) | (5.8x) | |||
| $71M | ($25M) | 3.1x | 3.8x | (8.9x) | (8.2x) | |||
| $74M | $15M | 2.7x | 2.6x | 13.4x | 11.1x | |||
| $134M | ($45M) | 0.2x | 0.2x | (0.5x) | (0.5x) | |||
| $78M | $20M | 3.0x | 2.9x | 11.6x | 15.3x | |||
| $356M | $39M | 0.5x | 0.5x | 4.9x | 4.6x | |||
| $4M | ($44M) | 33.6x | 12.8x | (3.3x) | (2.6x) | |||
This data is available for Pro users. Sign up to see all Pi-Cardia competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pi-Cardia
| When was Pi-Cardia founded? | Pi-Cardia was founded in 2009. |
| Where is Pi-Cardia headquartered? | Pi-Cardia is headquartered in Israel. |
| Is Pi-Cardia publicly listed? | No, Pi-Cardia is a private, VC-backed company. |
| What is Pi-Cardia's valuation? | Pi-Cardia was last valued at $210M in its strategic investment round in September 2026. |
| How much funding has Pi-Cardia raised? | Pi-Cardia has raised $117M across 3 funding rounds. |
| What was Pi-Cardia's last funding round? | Pi-Cardia's last funding round was a $80M strategic investment round in September 2026, led by Medtronic. |
| Who are Pi-Cardia's investors? | Pi-Cardia's investors include Medtronic, Sofinnova Partners, Jacques R. Seguin, Atlante Ventures, Innogest Capital and Clal Biotechnology. |
| Which companies are comparable to Pi-Cardia? | Companies comparable to Pi-Cardia include Kwivik Therapeutics Inc, Profound Medical, Cnoga Medical, AMT, Cresilon and Onward Medical. |
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