EIC-backed CorWave opens manufacturing facility as it pushes to scale implantable blood pumps
- ›French medtech CorWave inaugurated a new manufacturing facility for its implantable blood pump technology.
- ›CorWave develops a left ventricular assist device that uses a novel curved membrane design rather than traditional rotating impellers.
- ›The company was the first to sign an investment agreement with the EIC Fund in 2021, receiving a €15 million equity infusion that helped mobilise further investors and a €35 million funding round.
- ›The new facility is an important step toward clinical manufacturing but clinical outcomes, regulatory approvals and commercial scale remain the major hurdles ahead.
CorWave opens manufacturing facility as it pushes to scale implantable blood pumps
CorWave, a French small and medium sized enterprise developing implantable blood pumps, officially inaugurated a new manufacturing facility in October 2023. The company markets an implantable Left Ventricular Assist Device, or LVAD, that is built around a nonconventional membrane technology. The opening marks a visible step from prototype and clinical development toward industrial production. The European Innovation Council Fund supported CorWave early on and was the first investor to sign an investment agreement with the company in 2021.
What CorWave is building
Funding, the EIC Fund and CorWave’s financing history
CorWave was among the first firms to receive direct equity backing from the European Innovation Council Fund. In January 2021 the EIC Fund signed an investment agreement with CorWave. The EIC Fund provided €15 million in equity which the Commission and company materials say helped to attract other investors and mobilise a larger financing round. By that fourth stage of financing the company reported a total of roughly €35 million in investment.
| Date | Milestone | Amount reported |
| 2020 | EIC Fund established by the European Commission to invest in deep tech startups | — |
| January 2021 | CorWave signs first investment agreement with the EIC Fund | €15 million (EIC Fund equity) |
| 2021 (fourth round) | EIC investment helps mobilise additional investors in CorWave | Reported total round approximately €35 million |
| October 2023 | Company inaugurates new manufacturing facility | — |
Why the manufacturing facility matters
Moving from laboratory prototypes and small scale production to a dedicated manufacturing site is a necessary but not sufficient step for medical device commercialisation. A manufacturing facility signals a focus on reproducibility, quality control and the ability to produce enough devices for advanced clinical trials or early commercial rollout. For implantable devices, meeting Good Manufacturing Practice and regulatory quality management system requirements is essential. The facility can also help CorWave shorten supply chains and better control unit costs if it can operate at meaningful scale.
Open questions and realistic caveats
The inauguration is a milestone but many technical, regulatory and commercial questions remain. Clinical evidence remains the primary determinant of whether a new LVAD design truly reduces complications or improves patient outcomes. Long term durability, thrombosis risk, infection control, and ease of implantation are all factors that require large and prolonged clinical programmes. Regulatory approval pathways for implantable devices are rigorous across major markets. Manufacturing scale up is technically demanding and often exposes unanticipated issues, from part tolerances to sterilisation validation. Finally, reimbursement and hospital adoption depend on comparative clinical data and cost effectiveness.
Where this fits in the European innovation ecosystem
The EIC Fund introduced direct equity investments to the European Commission's toolkit to bridge financing gaps for deep tech startups. The blended finance approach, combining grants from EIC programmes with equity from the EIC Fund, is designed to mobilise private capital and keep deep tech companies in Europe during critical scaling phases. The EIC and the Executive Agency EISMEA provide other supports such as business acceleration services and access to networks. The CorWave case is an early example of the blended model and shows how public patient capital can act as a signal to private investors.
Readers should note that European institutions often present co-investment multipliers and success stories to demonstrate impact. These metrics are useful but they do not replace scrutiny of clinical outcomes, market access and independent financial performance.
Outlook
The manufacturing facility is a tangible sign that CorWave aims to progress beyond early clinical studies and prototypes toward regulated production. The company will need to follow through on validation, regulatory approvals and larger clinical trials to substantiate claims about reduced complications and improved quality of life. For the European innovation ecosystem, the CorWave story will be watched as an example of how public equity investments can mobilise private capital. Success will be measured not only by factory openings but by robust clinical data, durable commercial uptake and sustainable operations within Europe.
Sources and further information
This article is based on CorWave and European Innovation Council public communications about the company's manufacturing facility opening and the EIC Fund investment agreement signed in 2021. Company clinical claims referenced in earlier communications should be evaluated against primary clinical publications and regulatory filings for independent verification.