Ontario family office invests in Puzzle Medical’s $43M Series A

Puzzle Medical Devices, a medtech startup based in Montreal, has announced the close of a CAN$43 million Series A funding round, marking one of the largest medical device raises in Canada over the past two years. The financing round was led by KF Matheson, the family office of Canadian medical device entrepreneurs Frank Baylis and Kris Shah, alongside Desjardins Capital. Additional participation came from Lumira Ventures, Longview Ventures, BDC Capital, and returning investors.

Founded in 2018, Puzzle Medical is developing a minimally invasive percutaneous heart pump designed to support both cardiac and renal function in patients suffering from advanced heart failure. The company’s novel device is characterized by a modular structure comprising multiple 4mm pumps anchored in parallel within the descending aorta. While still in the development and clinical testing phase, the technology aims to offer a safer alternative to existing cardiac support devices.

Notable Series A funding round amidst cautious funding climate

The size and makeup of the Series A round are notable, especially against a backdrop of tighter capital markets and increased scrutiny on healthcare investments. CEO and co-founder Jade Doucet-Martineau cited the round as “a true testament to the impact of our work, the dedication of our team, and the unwavering support of our investors.”

The newly raised capital will be used to further refine the pump’s design, advance clinical trials focused on safety and efficacy, and expand the company’s team as it moves closer to regulatory milestones. The device is not yet approved by the U.S. Food and Drug Administration (FDA) and remains unavailable for sale globally.

KF Matheson: Single family office from Ontario

KF Matheson, a private investment firm operating as the family office for Frank Baylis and Kris Shah, co-led the round. Baylis and Shah are long-time collaborators in the medical device industry. Most recently, they co-owned Baylis Medical, a cardiovascular device company that was acquired by Boston Scientific in 2022 for US$1.75 billion. That transaction followed a series of earlier divestitures to major U.S. healthcare firms, cementing the duo’s reputation as influential figures in Canadian medtech.

Speaking on the investment, Baylis said: “The innovative technology being developed by Puzzle Medical will have a positive impact on cardiac patients worldwide. The Puzzle team and their achievements to date are an exemplification of the talent and ingenuity of Canadian entrepreneurs.”

KF Matheson has positioned itself as a patient capital partner focused on long-term, high-impact investments in medical technology, leveraging the financial and operational expertise of its principals. The firm’s involvement in Puzzle Medical continues a strategic pattern of investing in early- to mid-stage medical device companies with strong clinical and commercial potential.

Source: Puzzle Medical (14.04.2025)
Picture Source: Jesse Orico (14.04.2025)