$36M+ Funding Accelerates Innovative Cardiology Device Development
$36M
Non-dilutive funding awarded
After many years as an engineer at Medtronic, Nasser Rafiee had developed numerous ideas for lifesaving cardiovascular devices—many of which were not pursued due to limited market size. In 2014, he took the leap to found Transmural Systems in his basement, focused on advancing these innovations to benefit both pediatric and adult patients. However, securing funding proved challenging. Although the National Heart, Lung, and Blood Institute (NHLBI) expressed interest in Transmural’s technology, the application process was daunting.
Nasser purchased EGC’s book on preparing winning SBIR/STTR applications and reached out to EGC for additional support. Over an intensive four-week period, EGC collaborated with Nasser to develop two NHLBI contract applications, resulting in $6 million in awards.
EGC’s accounting and compliance team then supported Transmural through contract negotiation and has continued to serve as the company’s accounting partner for over a decade.
Since then, Transmural has secured an additional $30 million in federal grants and contracts, along with $2 million in NIH purchase orders for its devices and accessories—bringing total non-dilutive funding to more than $38 million.
Listen to the Interview with Co-founder Kathleen Pizzuti
Eva Garland Consulting CEO, Dr. Eva Garland, speaks with Transmural Systems co-founder Kathleen Pizzuti. Kathleen provides insight into how the Transmural team grew their company from a true basement start-up into a clinical stage company using SBIR funding.
“The first real major investment that we had made, which reaped significant benefit for the company.”
– Kathleen Pizutti, General Manager, Transmural Systems
Funding Sources
