Tech-enabled heart disease detection company CardioSignal announced it secured $10 million in Series A funding, bringing its total raise to $23 million.
DigiTx Partners led the round. Sandwater also participated alongside existing investor Maki.vc.
Dr. David J. Kim., managing director of DigiTx, will join CardioSignal’s board of directors.
WHAT IT DOES
CardioSignal uses gyroscope and accelerometer motion data using smartphone sensors to analyze precordial micro-vibrations caused by cardiac motion.
The smartphone is placed on a patient’s chest for one minute and analyzes digital cardiac biomarkers. The data collected is then analyzed in the cloud using machine learning, and results are available in one minute.
The company will use the funds to perform additional clinical studies on its technology and expand its commercial efforts.
“CardioSignal is on a mission to bring accessible early detection of heart diseases to healthcare professionals and their patients by utilizing motion sensors in smartphones. The raised funding will enable us to launch our new capability, detection of heart failure, and finalize our clinical validation in detection of aortic stenosis. We are targeting first European markets followed by the United States,” cardiology and CardioSignal CEO and founder Dr. Juuso Blomster told MobiHealthNews in an email.
MARKET SNAPSHOT
Researchers have found that embedded sensors within smartphone technology and data transfer technology can help individuals monitor their health non-invasively and lower personal healthcare-related expenses.
CardioSignal is a brand and product of Turku-based Precordior, which was founded in 2016 and started as a smartphone app to help detect atrial fibrillation.
In 2019, Novartis partnered with Precordior to further the smartphone-enabled heart disease detection technology to detect heart failure.
Since then, the company’s technology has been part of numerous research studies, and CardioSignal has formed several partnerships, including collaborations with Boehringer Ingelheim and Roche Diagnostics.
In 2020, the company raised €2 million ($2.17 million) in funding. One year later, it scored an additional €2 million.
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