The Delta Electronics-backed company, which has developed an artificial heart for transplants, has filed for a $40m initial public offering on Nasdaq.

SynCardia, a US-based medical device maker backed by electronics manufacturer Delta, filed for an initial public offering on Nasdaq on Monday that could raise up to $40m.

Founded in 2001, SynCardia has developed an artificial heart for patients awaiting a transplant. The technology has been approved in the US, Canada and Europe.

The company has secured a total of $75.2m in venture funding, according to regulatory filings and media reports.

Delta Electronics Capital, the corporate venturing unit of Delta, holds…