ATLANTA, GA. — CardioMems, a medical device company, is not wasting time raising venture capital.

The company, which is focused on microelectromechanical systems (MEMS) technology to develop devices for the diagnosis and management of chronic diseases such as heart failure, is pulling in funds for a D round of financing, Private Equity Wire reported Friday.

Citing a regulatory filing, Private Equity Wire said CardioMems had raised $17.5 million and has a target of $22.75 million for its fourth capital round. CardioMems closed on a $15 million C round in December.

A company spokesperson contacted by WRAL Local Tech Wire declined comment.

The news report said that investors include Arcapita. Arcapita, an investment bank, launched a $200 million venture fund in September. Arcapita’s U.S. headquarters is located in Atlanta.

CardioMems, which employs some 100 people, raised $14 million in a B round in 2003.

In June the company announced that two of its wireless pressure sensors had been installed in two patients undergoing heart surgery. This was the first use of the devices in human hearts, CardioMems said.

The Atlanta Business Chronicle reported on Sept. 29 that CardioMems hoped to raise $20 million in a new round of financing and that the funds would be used to advance its devices to clinical trials in the U.S.

In March the firm received the product innovation of the year award from international consulting firm Frost & Sullivan.

CardioMems: www.cardiomems.com