Parasol Med Tech, a Chicago-based medical device company, today announced that it has closed an oversubscribed $2.75 million pre-seed funding round.
The round included participation from Harper Court Ventures, UChicago Medicine Ventures, a venture investment vehicle of the University of Chicago Medical Center, and Cardiovascular Innovation Ventures, the venture arm of the American College of Cardiology.
The funding will support the advancement of Parasol’s next-generation left atrial appendage closure system designed to prevent stroke in patients with atrial fibrillation (AFib).
An irregular and often very rapid heart rhythm, AFib can lead to blood clots in the left atrial appendage and a five-fold increase in the risk of stroke. It is estimated to affect nearly 5% of the U.S. adult population.
“We’re extremely thankful for the vote of confidence from our investors as we work towards reducing stroke risk in AFib patients. We’ll be using proceeds for R&D and to test, iterate, and optimize our novel catheter and gel system to seal the left atrial appendage,” said Parasol President and CEO, Evan Singer.
Parasol’s approach is designed to improve fit and sealing and address the residual leaks common with existing devices.
“Having closed more than a thousand left atrial appendages, I’ve seen exactly where today’s devices fall short — residual leaks around the implant, clots forming on the device itself, and patients stuck on blood thinners they can’t tolerate. Parasol was built around a simple idea: the device should conform to the patient’s anatomy, not the other way around. This funding lets us take that personalized approach through the next stage of testing and closer to human patients,” said Atman Shah, M.D., Parasol founder and Chief Medical Officer.
Shah, an interventional cardiologist and Professor of Medicine at the University of Chicago, is an expert in transcatheter interventions, specifically left atrial appendage closure and minimally invasive stroke prevention.
“We are particularly impressed by the novelty of Parasol’s approach, which is tailored to each patient and, unlike today’s leading devices, leaves no metal in the body. With millions of people living with AFib and most cases untreated today, Parasol has the potential for enormous impact,” said Hannah Levine, Executive Director of UCM Ventures.
“Innovation is essential to transforming cardiovascular care and improving heart health for all,” said Richard Chazal, MD, MACC, Chair, Board of Managers, Cardiovascular Innovation Ventures. “By exploring a novel approach to reducing stroke risk in people with AFib, Parasol represents the type of forward-thinking technology Cardiovascular Innovation Ventures seeks to support to help improve patient outcomes and quality of life.”
“As atrial fibrillation becomes more widely diagnosed, the need for effective stroke prevention continues to grow,” added Ayo Roberts, Principal, Harper Court Ventures. “We’re pleased to support Parasol as it advances a personalized approach to left atrial appendage closure for this large and expanding market.”
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About Parasol Med Tech, Inc.
Parasol is developing a personalized solution to left atrial appendage (LAA) closure to prevent stroke in patients with atrial fibrillation (AFib). Our mission is to reduce stroke risk and improve patient outcomes by delivering safer, more precise, and more effective LAA closure solutions. Parasol was founded on the belief that stroke prevention should not rely on one-size-fits-all technology. Every patient’s heart anatomy is different, and medical devices should reflect that reality. Parasol’s device is investigational and has not been cleared or approved by the FDA. For more information, visit parasolmedtech.com.
