Artificial heart maker Carmat secures $7.4 million in funding from existing shareholders

Artificial heart maker Carmat , whose financial situation has been under pressure, said on Monday that it had completed a €7 million ($7.4 million) capital raising backed by several of its historical financial shareholders.

Carmat, whose shareholders include European planemaker Airbus, estimated it will nevertheless have to secure around €50 million ($52.6 million) in extra financing to cover its operations and investments until the end of October 2024.

Airbus was not named among the shareholders participating in the capital raising and its stake has fallen to 10.8% from 11.7%, making it the second-biggest investor down from its earlier first position, according to Carmat.


Carmat said it expected growth in European sales, with revenue of between €4 million-€6 million in the second half of 2023, and for a subsequent sharp increase in sales in 2024.

"We are confident in the robustness and safety of our artificial heart, and in its strong potential, and are determined to lead Carmat to commercial success and profitability, with the support of our teams, shareholders and partners, for the benefit of patients suffering from advanced biventricular heart failure," Carmat CEO Stephane Piat said in a statement.

Airbus had become the largest shareholder in Carmat after one of its own founders, the late industrialist Jean-Luc Lagardere, diverted engineers specialising in precision missile parts into a new venture with prominent heart surgeon Alain Carpentier in 1993.