Puzzle Medical Secures CAN$43M to Advance Percutaneous Heart Pump for Heart Failure

Puzzle Medical has closed a CAN$43 million funding round led by KF Matheson and Desjardins Capital, with participation from Lumira Ventures, Longview Ventures, and BDC Capital. The Montreal-based company will use funds – one of the largest medical device financings in Canada in two years – to refine its percutaneous heart pump technology, advance clinical trials, and expand its team. The device’s modular design features 4mm pumps implanted in the descending aorta to support both cardiac and renal function in advanced heart failure patients.

“This investment accelerates our mission to transform heart failure treatment,” said Jade Doucet-Martineau, CEO of Puzzle Medical. Desjardins Capital’s Nathalie Bernard emphasized their commitment to “revolutionary technology that improves patients’ lives,” while Lumira Ventures’ Daniel Hétu noted the pump’s potential to significantly impact cardiovascular care. The funding will support safety and efficacy studies of the novel implantable system.

Founded in 2018, Puzzle Medical is developing what it describes as a first-of-its-kind percutaneous solution for dual organ support. The device remains investigational and is not yet FDA-approved or commercially available.