What Tricares does

TRiCares SAS is a privately-held medical device company headquartered in Paris, France, with operations in Aschheim/Munich (Germany), St. Louis Park, Minnesota (USA), and Brazil. Founded around 2013-2015, the company is developing the Topaz transcatheter tricuspid valve replacement (TTVR) system, a Class III catheter-based device designed to treat severe tricuspid regurgitation (TR) without open-heart surgery. TR is described as the "forgotten valve" because 99% of patients are deemed ineligible for surgical intervention given 10-35% operative mortality, leaving median survival of only 2.2 years. The Topaz system targets an estimated 1.6 million US and 3 million European TR patients and a TTVR device market projected to reach $3.7 billion by 2035.

The Topaz system comprises a dual-stent biological heart valve prosthesis (available in TC-M 45mm and TC-L 55mm sizes, covering an estimated 85-90% of TR anatomies) and a steerable catheter-based delivery system supporting transfemoral venous and transjugular access. The outer stent anchors on native tricuspid leaflets and adapts to patient anatomy, while the inner stent scaffolds a three-leaflet pericardial tissue valve; the system is designed to flex with every heartbeat and minimize impact on cardiac conduction pathways. First-in-human implantations were performed in France in 2021, with the technology now evaluated across the TRICURE FIH study, the 80-patient EU Pivotal trial (Belgium, Denmark, France, Germany, Spain, Switzerland), and the US Early Feasibility Study; FDA IDE for the US Pivotal Trial was secured in April 2026. More than 60 implantations have been performed across Europe and Canada.

TRiCares' business model is pre-commercial: revenue will be generated through direct hospital sales of the Topaz system to structural heart centers under a hardware sales model once regulatory approvals are obtained. The company has raised approximately €73M in equity (Series B €22M in 2018, Series C €51M in 2022, Series D $50M in 2024) plus a €20M non-dilutive EIB loan in 2026, from a syndicate including 415 Capital, Andera Partners, Bayern Kapital, BioMed Partners, Credit Mutuel Innovation, GO Capital, Karista, Wellington Partners, and an unnamed strategic investor. Leadership comprises experienced structural-heart veterans, including CEO Ahmed Elmouelhi (ex-AtriCure, Medtronic, AGA Medical) and COO Laura Ghione (ex-Sorin/LivaNova).

Name

Tricares

Legal name

TRiCares SAS

Website

https://tricares.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

TRiCares is a Paris-based, privately-held medical device company developing the Topaz transcatheter tricuspid valve replacement system to treat severe tricuspid regurgitation without open-heart surgery, currently in clinical trials across Europe, Canada, and the US.

Ownership category

akta.pro rank

Product category

Structural Heart Medical Devices

NAICS

Surgical and Medical Instrument Manufacturing (339112)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Structural Heart Valves (TAVR/SAVR) & Valve Repair (HLAHAFAB)

Keywords

• Transcatheter valve replacement
• Tricuspid regurgitation treatment
• Structural heart devices
• Catheter-based cardiac devices
• Minimally invasive cardiology

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Topaz Tricuspid Valve Replacement System Sales: Once regulatory approvals are obtained (FDA and CE marking), TRiCares will generate revenue from the sale of its Topaz transcatheter tricuspid valve replacement system to hospitals and cardiac centers. The system includes the valve prosthesis and the catheter-based implantation system. Revenue will be generated through direct hospital sales as a Class III medical device.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

TRiCares develops and manufactures the Topaz Transcatheter Tricuspid Valve Replacement (TTVR) System, a catheter-based medical device designed to treat severe tricuspid regurgitation through a minimally invasive transfemoral venous approach without open-heart surgery. The system comprises a self-expanding biological heart valve prosthesis with a unique dual-stent design and a steerable delivery system, available in two sizes (TC-M 45mm and TC-L 55mm) that together address 85-90% of TR patients. The product is sold as a Class III medical device to hospitals and cardiac centers.

Product overview

TRiCares offers the Topaz Transcatheter Tricuspid Valve Replacement (TTVR) System as its core product portfolio. The system consists of the Topaz Heart Valve Prosthesis (with TC-M 45mm and TC-L 55mm valve sizes) and the Topaz Implantation System (comprising a steerable sheath and delivery system). The dual-stent valve prosthesis is inserted via femoral vein access and is designed specifically for the tricuspid valve position, flexing with each heartbeat to eliminate tricuspid regurgitation without requiring open-heart surgery.

Differentiator

Problem solved

Functional benefit

Brands

• Topaz: Transcatheter Tricuspid Valve Replacement (TTVR) System - a self-expanding dual-stent biological heart valve prosthesis designed to eliminate tricuspid regurgitation through a minimally invasive femoral vein approach.

Products and services

• Topaz Transcatheter Tricuspid Valve Replacement (TTVR) System A minimally invasive transcatheter tricuspid valve replacement system designed to eliminate tricuspid regurgitation through transfemoral venous access without open-heart surgery. The system uses a unique dual stent design that flexes with every heartbeat and is sold as a Class III medical device to hospitals and cardiac centers for treating patients with severe tricuspid regurgitation.
• Topaz TC-L 55mm Valve A larger valve size in the Topaz portfolio introduced to expand treatment to a broader TR patient population, enabling treatment of 85-90% of all patients presenting with tricuspid regurgitation diagnosis.

Quantifiable outcome

• 35-minute average implantation time in first-in-human trial
• +6 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Edwards Lifesciences: Global structural heart leader with PASCAL transcatheter tricuspid repair system and dominant TAVR franchise. Operates in the same tricuspid disease space as TRiCares with overlapping structural heart center customer base, though via repair rather than replacement.
• Abbott: Diversified medtech with the TriClip transcatheter tricuspid repair system as well as structural heart products across mitral and aortic. Targets the same tricuspid regurgitation patient population and structural heart center accounts as TRiCares.
• Medtronic: Global structural heart incumbent with extensive TAVR and mitral programs and a deep structural heart center salesforce. While Medtronic does not yet have a dedicated TTVR product, it represents a potential strategic acquirer and structural-heart channel competitor.
• Boston Scientific: Diversified structural heart player with transcatheter aortic and mitral programs and growing interest in tricuspid. Potential strategic acquirer and broader competitive presence in the same hospital accounts.

Direct peers

• Venus Medtech (Cardiovalve): Chinese structural heart company that acquired Cardiovalve, one of the closest direct TTVR peers to TRiCares. Competing transcatheter tricuspid valve replacement technology targeting the same patient population and clinical indications.
• CroíValve: Emerging Irish medical device company developing a transcatheter tricuspid valve coaptation/Replacement solution. Direct TTVR peer in early-stage development targeting the same underserved tricuspid regurgitation market.
• LuX-Valve: China-based developer of transcatheter tricuspid valve replacement technology. Direct competitor in dedicated TTVR with comparable clinical-stage positioning and target patient population.
• NaviGate Cardiac Structures: Early-stage developer of transcatheter tricuspid valve replacement technologies addressing the same patient population as TRiCares. Direct TTVR peer in clinical development.

Emerging players

• Innoventric: Israeli medical device company developing transcatheter solutions for tricuspid regurgitation. Adjacent competitor addressing overlapping structural heart and tricuspid disease market.
• HighLife Medical: Early-stage transcatheter heart valve company with mitral and tricuspid programs. Comparable European medtech with similar structural-heart clinical-stage profile and target customer base.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tricares-gmbh

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds7 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tricares