Bridge to Life, a Duluth, GA-based organ preservation company, has raised $110 million in Series C and debt financing led by Soleus Capital. The company develops the VitaSmart HOPE system for hypothermic oxygenated perfusion of donor livers, along with Belzer UW cold storage solutions. The capital will scale the commercial launch of VitaSmart, expand the field team, and reach every U.S. transplant center.
HOPE Gains First FDA Clearance in Liver
The timing follows Bridge to Life's FDA De Novo clearance for VitaSmart in January 2026, the first such approval for hypothermic oxygenated perfusion in U.S. liver transplants. TransMedics reported $605.5 million in 2025 revenue as a public company with a $3.1 billion market cap. OrganOx was acquired by Terumo for $1.5 billion in August 2025 after raising $45.4 million in venture funding plus $160 million in private placements. Paragonix raised $25.1 million before its 2024 acquisition by Getinge. Bridge to Life's HOPE approach offers a simpler, lower-cost alternative to normothermic systems.
Over 100,000 Patients Await Transplants
More than 100,000 U.S. patients sit on transplant waitlists while only about 41,000 deceased donor transplants occurred in 2024. Many organs are discarded because static cold storage fails to preserve marginal donors adequately. Current solutions either rely on basic ice-based methods or expensive normothermic machines that require complex workflows and higher costs.
VitaSmart Revitalizes Mitochondria at Low Temperature
Bridge to Life's VitaSmart cools organs to 4-10°C while delivering oxygen to maintain mitochondrial function. This differs from normothermic competitors that perfuse at body temperature. Data from the Bridge to HOPE trial published in JAMA Surgery showed reduced biliary complications and better graft survival with HOPE versus static storage. A head-to-head study also indicated HOPE outcomes comparable or superior to normothermic perfusion at lower cost.
"Bridge to Life pairs an established preservation franchise with a newly FDA-cleared perfusion platform that is already rapidly being adopted in the field."
— Ben Lund, Partner, Soleus Capital
Soleus Capital Leads with Debt Refinancing
Soleus Capital led the equity portion, joined by Lauxera Capital Partners, with participation from company insiders. Soleus also provided debt financing that refinanced prior Perceptive Credit Facilities at lower rates. The round ranks among the largest recent healthtech Series C financings, signaling conviction in HOPE becoming standard care.
Organ Preservation Market Expands to $517M-$684M
The organ preservation market stands at $311 million to $369 million in 2026 and is projected to reach $517 million to $684 million by 2033-2034 at 6.4-8.0% CAGR. Hypothermic machine perfusion grows faster at roughly 7.9% CAGR. Competitors include public players like XVIVO (market cap ~$771 million) and acquired firms such as OrganOx and Paragonix. Structural demand stems from the widening gap between waitlist patients and usable donor organs.
Company Plans National Rollout and Viability Tool
Bridge to Life intends to use proceeds for nationwide VitaSmart deployment, additional sales hires, and development of a proprietary organ viability assessment tool using validated biomarkers. The company has already signed master service agreements with leading academic centers and highest-volume liver programs.