Claret Capital Partners has agreed up to €30 million of structured debt for Carvolix, the Euronext Paris-listed French medtech formerly known as Affluent Medical.
Claret announced the financing on 5 August 2026. Carvolix published the terms the following day. The Aix-en-Provence company has drawn a first €10 million through senior secured convertible bonds.
The package comprises up to €20 million of senior secured convertible bonds, up to €10 million of senior secured amortising bonds, and warrants valued at about €1.15 million. Dilution from the bonds and warrants is capped at 8.6 per cent of existing share capital if the full €30 million is drawn.
Convertible tranches A and B, of €10 million each, carry a 10 per cent fixed coupon. Amortising tranches C and D, of €5 million each, pay the higher of 10.5 per cent or one-year Euribor plus 8.5 per cent, fixed at drawdown. Maturities run from 30 June 2030 on tranche A to 30 June 2032 on tranche D, with interest-only periods first.
Later draws are conditional. Tranche B needs FDA 510(k) clearance of the TAVIPILOT Robotic System and a debt-to-market-capitalisation ratio of no more than 15 per cent. Tranche C also needs a bona fide equity raise of at least €20 million, reduced to €10 million if Carvolix has taken in €45 million from the sale of Kalios or Artus. Tranche D needs a base of at least 35 installed TAVIpilot systems. Claret takes first-ranking security, a €2 million minimum-cash covenant, a 1.5 per cent arrangement fee on each tranche and a board observer.
Carvolix develops software and devices for interventional cardiology, including TAVIpilot, an intraoperative system for transcatheter aortic valve implantation. Sébastien Ladet, Chief Executive, said the first tranche gives the company cash into February 2027. About 30 per cent of proceeds are earmarked for US commercialisation of TAVIpilot once FDA clearance is received, with the rest split across the wider portfolio and working capital.
The Claret facility sits beside a separate equity programme of up to €30 million led by Truffle Capital and Edwards Lifesciences. Those investors provided €10 million in June 2026, after a first €10 million tranche when the group was formed in February through the acquisition of Caranx Medical and Artedrone. The company listed on Euronext Paris in June 2021 as Affluent Medical. Remaining funding needs to the end of 2027 are about €30 million.
The warrants were issued to CEGCF IV Aggregator, a Claret Fund IV vehicle. Claret announced a second close of Fund IV at more than €350 million in September 2025, taking the firm's assets under management above $1 billion, and said a final close is expected in 2026.