Montreal-based medtech startup Puzzle Medical has secured $43 million CAD in a second Series A round to fund a clinical trial for its innovative heart failure treatment device, the ModulHeart.
The round was co-led by Desjardins Capital and KF Matheson, the family office of Frank Baylis (former Liberal leadership candidate and Executive Chairman of Baylis Medical) and Kris Shah (Baylis Medical President).
Other participants include returning investors Longview Ventures, BDC Capital, and new backer Lumira Ventures. As part of the deal, Kris Shah and David Prim (Broadview Ventures) are joining Puzzle’s board, with Daniel Hétu (Lumira) and Steven Abrams (BDC) joining as observers.
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A Minimally Invasive Alternative for Heart Failure Patients
Puzzle Medical’s flagship product, the ModulHeart, is a minimally invasive heart pump designed to support heart and kidney function in patients with advanced heart failure. Unlike traditional left ventricular assist devices (LVADs), which carry risks like bleeding, stroke, and infection, the ModulHeart is inserted via the abdominal aorta using four-millimetre pumps arranged in parallel — offering a potentially safer and simpler alternative.
The startup also provides a portable hardware controller and software platform for clinicians to monitor the device in real time. While still awaiting regulatory approval, the company reported promising results in a 2022 first-in-human study with four high-risk patients, all of whom saw improved cardiac and kidney function without complications.
Funding Roadmap and Go-to-Market Strategy
This raise follows a previous $34 million Series A in 2023, also dedicated to human feasibility studies. CEO and co-founder Jade Doucet-Martineau noted that this second round came at a different valuation (undisclosed) and will help scale the team from 45 to 60 employees in 2025.
“These funds will accelerate our mission to transform the treatment of advanced heart failure,” said Doucet-Martineau.
The company plans to launch a Series B to fund a pivotal study involving more patients, with a Series C on the horizon to support market launch efforts, targeting a 2029 commercial release.
Growing Support for Quebec’s Healthtech Ecosystem
Puzzle Medical’s raise continues a trend of growing support for healthtech innovation in Quebec, with strong involvement from public and private investors. The startup is positioning itself as a leader in next-generation cardiovascular care, aiming to redefine outcomes for a patient population in urgent need of safer alternatives.
