415 Capital and S3 Ventures Lead Series B for Endovascular Engineering

Endovascular Engineering (E2) has closed a $42 million Series B financing round to accelerate the development of its clot removal platform for venous thromboembolism (VTE).

VTE is a medical condition characterized by the formation of blood clots in veins. It includes two main conditions: deep vein thrombosis (DVT), where a clot forms in deep veins, typically in the legs or pelvis, and pulmonary embolism (PE), which occurs when a clot breaks off and travels to the lungs. VTE affects approximately 1 to 2 per 1,000 people annually, with the risk increasing with age. It can be life-threatening, particularly in cases of PE, and requires prompt medical attention. While VTE is often preventable and treatable, it remains a significant health concern, with up to 600,000 cases occurring each year in the United States.

The new capital will be used to continue the development of E2’s technologies as the company nears completion of patient enrollment in its ENGULF pivotal trial for the Hēlo PE Thrombectomy System, a medical device designed for removing blood clots that is not yet approved for commercial use.

The Hēlo System combines two methods in one tool: suction to remove clot material and mechanical action to break up the clot. The system is designed to remove clots in a single attempt, making procedures faster and safer. Hēlo has been developed to improve treatment for patients with serious blood clot conditions, offering a more efficient and less invasive option compared to traditional methods.

Endovascular Engineering is led by CEO Dan Rose and is headquartered in Menlo Park, California.

“This financing represents more than capital – it validates our technology platform and positions us to revolutionize PE treatment,” said Dan Rose, CEO of Endovascular Engineering. “With strong support from sophisticated healthcare investors like 415 Capital and S3 Ventures, we are well-positioned to establish the Hēlo PE System as the gold standard in mechanical thrombectomy for pulmonary embolism.”

This investment round was co-led by 415 Capital and S3 Ventures, with participation from Panakès Partners, M&L Healthcare, and founding investor Santé Ventures. In addition, two strategic investors also contributed, alongside Cordis, which continues its partnership with E2.

Miami Lakes, Florida-headquartered Cordis, a manufacturer of medical devices used to treat coronary and peripheral vascular diseases, first invested in E2 in April 2022.

Cordis was founded in 1957 and acquired by Johnson & Johnson in 1996 before being sold to Cardinal Health in October 2015 at an enterprise valuation of $1.9 billion. In August 2021, Cardinal Health sold Cordis to Hellman & Friedman and KKR at an enterprise valuation of $1 billion.

“E2 is developing a best-in-class therapy for PE, the third leading cause of cardiovascular death. Its differentiated technology and vision align closely with our mission to advance novel cardiovascular therapies, and we are proud to support E2 as it advances the Hēlo PE Thrombectomy System towards FDA approval,” said Dr. Ruben Osnabrugge, a partner at 415 Capital.

Founded in 2018 and headquartered in Munich, 415 Capital is a venture capital firm specializing in medical technology investments across Europe, the U.S., and Israel. The firm manages nearly $200 million in assets and focuses on clinical-stage innovations targeting cardiovascular and neurovascular diseases.

“We are truly impressed by E2‘s next-generation platform technology for VTE and see this as a solution to dramatically scale the mechanical thrombectomy market and improve the lives of patients,” said Brian Smith, a managing director at S3 Ventures.

Founded in 2005 and based in Austin, S3 Ventures is a venture capital firm focused on Texas-based investments in business technology, digital experiences, and healthcare technology. The firm has over $900 million in assets under management and invests in early-stage companies, leading investments from $500,000 to $10 million, with the capacity to invest up to $20 million per company.

Founded in 2015 and headquartered in Milan, Panakès Partners is a venture capital firm managing €250 million in assets, investing in life sciences and medical technology companies.