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- V-Wave
V-Wave Acquisition, Valuation, Funding & Investors
V-Wave was acquired by Johnson & Johnson for $1.7B in August 2024.
Cumulative funding V-Wave raised
$226M
across 5 funding rounds
Key investors in V-Wave
Pontifax
BRM Capital
Johnson & Johnson Innovation
Triventures
Pura Vida Investments
Deerfield
Aperture Venture Partners
Endeavour Vision
About V-Wave
V-Wave is a Herzliya-headquartered medical device company with operations in the US, focused on cardiovascular implants for heart failure patients. The firm develops the Ventura interatrial shunt, a percutaneous device that reduces left atrial pressure to alleviate symptoms and hospitalizations. V-Wave conducts clinical trials in the US and Europe, demonstrating improved exercise tolerance in NYHA class III patients. Established in 2008, it has raised significant venture funding and secured FDA breakthrough designation for its shunt technology.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.7B (acquired Aug 2024)
Sectors
V-Wave Acquisition
V-Wave was acquired by Johnson & Johnson for $1.7B on 20 August 2024.
Before the acquisition V-Wave had raised $226M across 5 funding rounds.
Johnson & Johnson acquired V-Wave Ltd., a privately-held Israeli medical device company, for an upfront payment of $600 million with potential regulatory and commercial milestone payments up to approximately $1.1 billion, bringing the total deal value to up to $1.7 billion. V-Wave develops the Ventura Interatrial Shunt, a minimally invasive implantable device designed to treat heart failure with reduced ejection fraction by creating a shunt between the left and right atrium to reduce elevated left atrial pressure. The device received FDA breakthrough device designation in 2019 and CE mark in 2020, with potential to be the first device of its kind to market. Johnson & Johnson announced the definitive agreement on August 20, 2024, and completed the acquisition on October 9, 2024, with V-Wave operating as part of Johnson & Johnson MedTech's cardiovascular portfolio. The strategic rationale centered on extending J&J MedTech's innovation leadership in cardiovascular disease, accelerating its shift into high-growth markets, and deepening relationships with structural interventional cardiologists and heart failure specialists. J&J also had prior investment history with V-Wave dating back to 2016. The acquisition was accounted for as an asset acquisition with an in-process research and development charge of approximately $600 million in the fourth quarter of 2024, with expected dilution to adjusted earnings per share of approximately $0.24 in 2024 and $0.06 in 2025.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 20 Aug 2024 | Strategic M&A | $1.7B |
V-Wave Funding History
V-Wave has raised a total of $226M across 5 funding rounds.
V-Wave's first fundraising round was a $2M seed round in July 2013. The most recent completed round was a $98M Series C in December 2021.
V-Wave funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2021 | Series C | Deerfield (lead); Aperture Venture Partners; Israel Secondary Fund (ISF); Quark Venture; Triventures; Pontifax; Endeavour Vision; BRM Capital; Pura Vida Investments; Johnson & Johnson Innovation | $98M | V-Wave Ltd. is a privately held cardiovascular device company based in Caesarea, Israel, and Agoura Hills, California, developing proprietary, minimally invasive interatrial shunt devices, including the Ventura Interatrial Shunt, for treating patients with severe symptomatic heart failure (HF) across reduced and preserved ejection fraction (HFrEF and HFpEF) and pulmonary arterial hypertension (PAH). The Ventura shunt creates a passageway between the heart's upper chambers to reduce excessive left atrial pressure, aiming to prevent symptom worsening and improve quality of life in advanced NYHA Class II-IV patients on guideline-directed therapies. On December 17, 2021, V-Wave closed all remaining tranches of a Series C financing extension totaling $98 million, led by Deerfield Management with participation from Aperture Venture Partners, BRM Group (BRM Capital), Endeavour Vision, Johnson & Johnson Innovation (JJDC Inc.), Pontifax, Pura Vida Investments, GHS Fund (Quark Venture LP), Triventures, and Israel Secondary Fund (ISF). The funds support completion of the international, multicenter RELIEVE-HF randomized pivotal trial evaluating Ventura in HF patients across the US and eight other countries, submission for FDA PMA clearance subject to final data, and development of the next-generation adjustable-size Magical shunt. The RELIEVE-HF trial builds on prior open-label data showing successful implantation, safety, shunt patency, durability, and quality-of-life improvements. V-Wave is also conducting the RELIEVE-PAH trial for PAH patients. Investors highlighted the technology's potential as a disruptive therapy for advanced HF, affecting over 26 million globally and 6 million in the US, where it drives significant hospital costs and has worse prognosis than many cancers. Prior funding included a 2013 private equity round of $2M and 2016 Series B of $28M led by Johnson & Johnson among others, bringing total raised to around $128M by end-2021 per aggregated reports, though exact Series C breakdown varied slightly as $95M-$98M. |
| Sep 2020 | Series C | Deerfield (lead); Aperture Venture Partners; Israel Secondary Fund (ISF); Quark Venture; Triventures; Pontifax; Endeavour Vision; BRM Capital; Pura Vida Investments; Johnson & Johnson Innovation | $28M | V-Wave is an Israeli medtech company founded in 2010 that develops the Ventura Interatrial Shunt, an implantable device to treat heart failure and pulmonary hypertension by reducing left atrial pressure through a shunt between the left and right atria. The device received marketing approval in Europe and was in advanced FDA approval stages in the US as of 2024. In September 2020, V-Wave raised $28 million in a Series C-II round led by Deerfield Management, with participation from Aperture Venture Partners, BRM Capital, Endeavour Vision, Johnson & Johnson Innovation (JJDC Fund), Pontifax, Pura Vida Investments, Quark Venture, Triventures, and Israel Secondary Fund. Earlier, the company had raised $28 million in 2016 led by Johnson & Johnson and Edwards Lifesciences, and a larger $98 million extension in 2020 from similar investors including Deerfield. The 2020 funding supported clinical evaluation, development, senior management addition, and manufacturing scale-up of the proprietary interatrial shunt device. V-Wave transitioned from animal studies in 2013 to first-in-human implants in 2014, positioning it as a potential first-of-its-kind therapy for congestive heart failure. The company was led by CEO Dr. Neal Eigler, with chairman Dr. Frank Litvack and president Erez Rozenfeld heading European operations. In August 2024, Johnson & Johnson acquired V-Wave for an upfront $600 million plus up to $1.1 billion in milestones, totaling potentially $1.7 billion, integrating it into J&J MedTech to advance cardiovascular treatments. However, an FDA advisory panel in 2024 voted against the device's effectiveness and risk-benefit profile, threatening milestone payments and potentially limiting approval to specific heart failure populations or requiring further trials. |
| Apr 2018 | Series C | Deerfield (lead); BioStar Capital; Aperture Venture Partners; Israel Secondary Fund (ISF); Quark Venture; Triventures; Pontifax; Endeavour Vision; BRM Capital; Pura Vida Investments; Edwards Lifesciences; Johnson & Johnson Innovation | $70M | V-Wave is an Israel-based medical device company developing an implantable interatrial shunt device to treat severe symptomatic heart failure by regulating left atrial pressure and reducing breathing difficulties that lead to hospitalization. The device targets patients with chronic heart failure, a leading cause of death and hospitalization worldwide. In April 2018, V-Wave closed a $70 million Series C funding round led by Deerfield Management, with participation from existing investors including Edwards Lifesciences, Johnson & Johnson Innovation – JJDC, BRM Group, Endeavour Vision, Quark Venture, Aperture Venture Partners, Pontifax, Pura Vida Investments, TriVentures, BioStar Ventures, and Israel Secondary Fund. This round brought the company's total funding to nearly $105 million. Prior to the Series C, V-Wave had raised $2 million in a Series A round in 2013 led by Pontifax, followed by $6.5 million in initial funding, and $28 million in an early 2016 Series B round from Johnson & Johnson Innovation – JJDC, Edwards Lifesciences, BRM, Pontifax, TriVentures, Pura Vida Investments, and BioStar Ventures. At the time of the Series C, V-Wave had secured FDA approval for an investigational device exemption study for its lead product and was preparing to launch a clinical study. V-Wave's Ventura Interatrial Shunt later received FDA breakthrough device designation in 2019 and CE mark in Europe in 2020, with ongoing pivotal trials like RELIEVE-HF showing mixed results on efficacy. In 2024, Johnson & Johnson agreed to acquire V-Wave for $600 million upfront plus up to $1.1 billion in milestones, totaling up to $1.7 billion, to expand its cardiovascular portfolio. The acquisition was expected to close by year-end 2024, integrating V-Wave into J&J MedTech's heart recovery unit. |
| Jan 2016 | Series B | BioStar Capital; Triventures; Pontifax; BRM Capital; Pura Vida Investments; Edwards Lifesciences; Johnson & Johnson Innovation | $28M | V-Wave is an Israeli medtech startup developing a proprietary minimally invasive interatrial shunt device for patients with chronic symptomatic heart failure to relieve symptoms, improve quality of life, and reduce hospitalizations. The company completed a $28 million Series B funding round in late 2016, led by Johnson & Johnson Innovation - JJDC Inc., with participation from new investors TriVentures, Pura Vida, and BioStar Ventures, as well as existing shareholders Edwards Lifesciences, BRM Capital, and Pontifax. Proceeds were allocated to clinical evaluation and development, hiring senior management, and scaling manufacturing. Founded by Yaacov Nitzan, Dr. Gad Keren, and Dr. Ascher Shmulewitz, V-Wave had previously raised $7.5 million from Edwards Lifesciences, BRM, Pontifax, and Shmulewitz. By the time of the Series B announcement, the company had achieved key milestones including the first human implant in April 2014 by Prof. Ran Kornowski at Rabin Medical Center and treatment of more than 30 patients. CEO Dr. Neal Eigler and President Erez Rozenfeld aimed to build a team to secure regulatory approvals and commercialization globally. V-Wave's device faced a complex regulatory path as an implanted product. The company later advanced its Ventura Interatrial Shunt through trials like RELIEVE-HF, which met safety but not efficacy endpoints across populations, targeting gaps between medical therapies and invasive options like LVADs or transplants for around 800,000 annual U.S. HFrEF patients. In 2024, Johnson & Johnson announced acquisition of V-Wave for $600 million upfront plus up to $1.1 billion in milestones, with Endeavour Vision noting their 2016 investment relationship. |
| Jul 2013 | Seed | Pontifax (lead); BRM Capital | $2M | - |
Who has invested in V-Wave?
12 investors have backed V-Wave across its funding rounds, including Pontifax, BRM Capital, Johnson & Johnson Innovation, Triventures, Pura Vida Investments and Deerfield.
Lead investors include Deerfield and Pontifax.
V-Wave Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jul 2013 | ||
| 5 | Participant | Jul 2013 | ||
| 4 | Participant | Jan 2016 | ||
| 4 | Participant | Jan 2016 | ||
| 4 | Participant | Jan 2016 | ||
| 3 | Participant | Apr 2018 | ||
| 3 | Participant | Apr 2018 | ||
| 3 | Participant | Apr 2018 | ||
| 3 | Participant | Apr 2018 | ||
| 3 | Lead | Apr 2018 | ||
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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 TrialV-Wave Competitors
V-Wave competitors include listed companies like Immunocore Holdings, 4DMedical and Jafron Biomedical, and private ones like Rakuten Medical, Imperative Care and MicroPort NeuroTech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.7B | - | ||
| Publicly listed | $400M | ($20M) | $1.7B | 2.8x | ||
| Private | - | - | $1.7B | - | ||
| Private | $56M | - | $1.8B | 31.3x | ||
| Publicly listed | $4M | ($18M) | $1.6B | 193.3x | ||
| Publicly listed | $300M | $123M | $1.8B | 5.2x |
V-Wave Public Comps
V-Wave is no longer listed, but its public comps include Edge Medical, Immunocore Holdings, SKAN Group, Nihon Kohden, Cofoe Medical, 4DMedical, Embla Medical, Nakanishi, Jafron Biomedical and Poly Medicure.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $68M | ($10M) | 22.9x | 14.3x | (153.6x) | 241.6x | |||
| $400M | ($20M) | 3.1x | 2.8x | (60.8x) | (57.8x) | |||
| $406M | $43M | 4.5x | 3.9x | 42.0x | 28.5x | |||
| $1.5B | $166M | 1.0x | 1.0x | 8.8x | 8.9x | |||
| $505M | $89M | 2.9x | 2.4x | 16.2x | 15.0x | |||
| $4M | ($18M) | 349.4x | 193.3x | (81.1x) | (25.2x) | |||
| $929M | $187M | 2.4x | 2.2x | 11.9x | 10.9x | |||
| $522M | $53M | 2.8x | 2.5x | 27.5x | 9.7x | |||
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Common questions about V-Wave
| When was V-Wave founded? | V-Wave was founded in 2010. |
| Where is V-Wave headquartered? | V-Wave is headquartered in Caesarea, Israel. |
| Is V-Wave publicly listed? | No, V-Wave was acquired by Johnson & Johnson in August 2024. |
| Who acquired V-Wave? | V-Wave was acquired by Johnson & Johnson in August 2024. |
| How much was V-Wave acquired for? | V-Wave was acquired for $1.7B in August 2024. |
| How much funding has V-Wave raised? | V-Wave has raised $226M across 5 funding rounds. |
| What was V-Wave's last funding round? | V-Wave's last funding round was a $98M Series C in December 2021, led by Deerfield. |
| Who are V-Wave's investors? | V-Wave's investors include Pontifax, BRM Capital, Triventures, Pura Vida Investments, Johnson & Johnson Innovation, Aperture Venture Partners, Israel Secondary Fund (ISF), Quark Venture, Endeavour Vision, Deerfield and 2 others. |
| Which companies are comparable to V-Wave? | Companies comparable to V-Wave include Rakuten Medical, Immunocore Holdings, Imperative Care, MicroPort NeuroTech, 4DMedical and Jafron Biomedical. |
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