Paris manufacturer with Tampa subsidiary raises $39M in funding

A Paris-based firm with a U.S. subsidiary in Tampa announced Wednesday that it completed $39 million in Series C funding.

SafeHeal, a medical device company, received financing from investor Solar Eclipse, new investors Gideon Strategic Partners and M&L Healthcare, part of M&L Group and returning investors Sofinnova Partners.

Martin Sands and Steven Sands of Solar Eclipse will join as board member and observer alongside the financing. 

SafeHeal plans to use the funds for the commercial launch of Colovac, a medical device invented by a French digestive surgeon Dr. Charam Khosrovani, intended as an alternative to diverting ostomy in patients undergoing colorectal surgery according to the company. It has been studied in over 100 patients in the U.S., Europe and Asia. 

In a statement, the company describes Colovac as a flexible endoluminal bypass sheath designed to reduce the contact of fecal content at the anastomotic site following colorectal surgery. The device remains in place for 7-10 days, until the body’s natural healing and tissue repair processes are complete and then removed during an endoscopic procedure without the need for additional surgical intervention.

“This is a very exciting time at SafeHeal as we continue to achieve a number of critical value-creating milestones in the coming months," says Chris Richardson, president and CEO of SafeHeal in a statement. “We are grateful for the continuing support from Sofinnova Partners and delighted to welcome Solar Eclipse, Gideon and M&L Healthcare, part of M&L Group as new investors. This capital raise places SafeHeal in an excellent position to continue our momentum toward FDA approval and commercialization of Colovac.”

SafeHeal SAS was founded in 2015 by the MD Start team, which leads Sofinnova Partners’ in-house medtech accelerator. It began testing its Colovac technology on patients in the U.S. in 2022.