MedTech startup Cairdac relies on Ideals to securely manage its funding rounds with international investors

Overview

Cairdac is a French medtech startup at the forefront of leadless pacemaker development. In 2022 the company completed its first funding round using its own data room. The company’s rapid growth and increased interest in 2024 prompted a search for a more advanced, secure solution to streamline communication with global investors.

After evaluating several options, CEO Edouard Fonck selected Ideals for its attentive customer service, robust security, and clear pricing options. Cairdac now saves up to two days per project by reducing manual setup tasks with Ideals.

The context

Founded in 2016, Cairdac is the first company in the world to develop a leadless pacemaker that harnesses the heart’s kinetic energy to generate power, eliminating the need for battery replacements common in current devices. This breakthrough technology promises a new era of quality of life and peace of mind for pacemaker recipients. 

The company’s first funding round attracted investors including Mérieux Equity Partners, Supernova Invest, BPI, and Turenne Group. However, managing an in-house data room proved time-consuming and inefficient. By 2024, with a larger team, Cairdac recognized the need for a streamlined, user-friendly virtual data room (VDR) to support its fundraising efforts.

Key challenges

As an emerging leader in medtech innovation, Cairdac needed a solution that would give potential investors confidence in the fundraising process and showcase its professional and secure approach. Building on their in-house experience, the team set specific priorities:

• Ultra secure document storage
• Easily managed permission levels to control access to files
• Allocated roles for different users within groups
• Tracking of documents being read or downloaded
• Redaction options
• An efficient indexing tool

The VDR’s design and usability were also important. “Our potential investors are familiar with using VDRs for deals so we wanted something intuitive, straightforward and visually appealing,” said Edouard.

Solutions

For the first fundraising round, the team had limited resources to search for an external data room. However, as the number of projects grew and attracted international interest, they wanted an advanced solution that would convey a professional image. 

With Ideals, Cairdac gained the following benefits:

• Flexible subscription options that suits their needs
• Personalized branding with Cairdac logo and colors
• 24/7 customer support 
• Watermark and redaction features to ensure confidentiality
• Streamlined access management for external stakeholders

Edouard especially noted the efficiency improvements: “The real advantage is time savings. We no longer need to spend a day or two setting up a new data room for each investor. Now with Ideals, all stakeholders can securely access a single, centralized room.” 

The future

Cairdac is currently preparing a new fundraising to expand its unique cardiac technology. The team has just renewed its partnership with Ideals and plans to set up a new data room to handle board communications, enhancing their overall efficiency.

Edouard expressed confidence in the partnership: “Ideals is easy to use, functional and powerful, and adaptable to our needs. As we continue to grow, it’s reassuring that Ideals can grow with us.”