Hy2Care® has successfully raised €4.5 million in new funding to complete crucial preparations for its upcoming clinical trial in the United States. The company recently received FDA Investigational Device Exemption (IDE) approval, allowing it to begin clinical evaluation of its CartRevive® hydrogel implant for cartilage repair.
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The investment will also be used for strategic preparations for market launch in Europe and other key international markets. This funding round reflects the growing confidence in Hy2Care®’s CartRevive® hydrogel platform, which offers a promising, simple and minimally invasive solution for the treatment of cartilage damage.
Half of the funding comes from the European Innovation Council (EIC) Fund, through an investment received by Hy2Care® in 2022 as part of the EIC Accelerator. The other half was raised by existing shareholders led by Brightlands Venture Partners, supplemented by new investors such as LIOF, the regional development agency for Limburg.
‘We are on the eve of a crucial new phase,’ says Leo Smit, CEO of Hy2Care®. ‘With this funding, we can start our first clinical trial in the US and simultaneously build our commercial rollout in Europe and beyond. We are extremely proud of the confidence our investors have placed in us — both existing and new.’
