Carmat

Carmat

ALCAR
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Private Company

Total funding raised: $75M

Overview

Carmat's mission is to develop and commercialize a permanent, fully implantable artificial heart to address the unmet need in end-stage biventricular heart failure. Its key achievement is the Aeson® device, which has obtained CE Mark approval in Europe and is under investigation in a pivotal U.S. study (EFICAS). The company's strategy is to methodically advance clinical validation, secure regulatory approvals in key markets, and establish the infrastructure for commercial rollout, positioning Aeson® as a transformative alternative to heart transplantation.

Cardiovascular

Technology Platform

The Aeson® platform is a fully implantable, bioprosthetic total artificial heart that utilizes biocompatible bovine tissue surfaces to minimize thrombogenicity and features embedded sensors with an auto-regulatory system to physiologically adapt cardiac output to patient activity.

Funding History

4
Total raised:$75M
PIPE$50M
IPOUndisclosed
Series B$15M
Series A$10M

Opportunities

Carmat addresses a massive unmet need in end-stage biventricular heart failure, where donor organ shortage limits transplantation.
Successful U.S.
FDA approval would unlock the world's largest healthcare market, while the destination therapy indication represents a significantly larger patient population than bridge-to-transplant alone.
Technological leadership in biocompatibility and auto-regulation provides a durable competitive edge.

Risk Factors

The company faces binary regulatory risk with its pivotal U.S.
trial; failure would be catastrophic.
High costs and complex adoption pose significant commercialization challenges.
As a capital-intensive pre-profit company, future dilution from necessary fundraising is likely.
Long-term device durability and reliability in a permanent implant setting remain unproven.

Competitive Landscape

Carmat's primary competition is SynCardia's temporary TAH, an older pneumatic technology. It is not directly comparable to market-dominant LVADs (Abbott, Medtronic), which treat a different patient subset (univentricular failure). Carmat holds a first-mover advantage in advanced, bioprosthetic TAHs over earlier-stage developmental competitors like Bivacor.