Four former CathWorks executives have opened a new healthcare investment firm in Newport Beach, aiming to channel the expertise behind a $585 million acquisition into growing the next wave of medtech startups.

NovoMed Partners launched Thursday, July 23, led by Ramin Mousavi, who served as CathWorks' CEO for five years before Medtronic bought the company in April for $585 million plus potential earn-out payments. Mousavi co-founded the firm with Mike Feher, CathWorks' former chief financial officer; Fabian Ngo, its former chief strategy officer; and Natalie Sickler, its former chief business officer.

Mousavi serves as NovoMed's chairman and CEO.

"The CathWorks journey reinforced something I have always believed: breakthrough technology alone is not enough," Mousavi wrote in a LinkedIn post announcing the launch. "It takes exceptional people, disciplined execution, trusted partnerships, and the courage to keep moving forward when the path is uncertain."

The firm operates through three arms, according to its Business Wire press release: NovoMed Portfolio Companies, which invests in and supports healthcare and medtech startups; NovoMed Advisory Services, which provides strategic consulting to medtech companies, investors, boards and private equity firms; and NovoMed Studio, a content and collaboration platform connecting physicians, entrepreneurs and investors.

NovoMed describes itself as "built by operators, for operators," positioning the firm apart from traditional investment groups or incubators.

The launch comes just three months after Medtronic completed its acquisition of CathWorks on Monday, April 20. That deal had been 42 months in the making, Mousavi told the Orange County Business Journal in a February interview. CathWorks developed the FFRangio System, an AI-powered device that assesses coronary artery disease from routine X-ray angiograms in about two minutes, eliminating the need for invasive pressure wires.

CathWorks moved its U.S. headquarters to Newport Beach from Irvine in 2024, nearly tripling its office footprint, and employed about 100 people at the time of the acquisition, roughly half of them in Orange County, according to the Business Journal. Medtronic has said it plans to keep the Newport Beach offices open.

Mousavi is a two-time Orange County Business Journal award winner, earning the Excellence in Entrepreneurship Award in 2022 and Innovator of the Year in 2023.

NovoMed has not disclosed a fund size or initial capital target. The firm has not announced its first investment or a timeline for portfolio deals.