AliveCor Raises $65 Million for Remote Cardiology Platform

AliveCor, an AI-enabled (medical-grade) mobile electrocardiogram device, raised $65 million in a Series E financing round led by existing investors OMRON, Khosla Ventures, WP Global Partners, Qualcomm Ventures, and Bold Capital Partners.

Khosla Ventures, an early-stage venture capital firm that invests in healthcare and technology startups, has invested almost $1 billion in over 60 digital health startups, according to Mercom digital Health funding database.

Founded in 2010, AliveCor has raised over $110 million to date, including a $30 million Series D funding round in 2017, led by Omron Healthcare and the Mayo Clinic with participation from existing inside investors.

AliveCor was co-founded by David Albert, a doctor and former chief clinical scientist of cardiology at GE, along with scientists Bruce Satchwell and Kim Barnett. The company employs more than 100 people with offices in Oklahoma and California.

“We are grateful for the continued confidence of our investors,” said Priya Abani, CEO of AliveCor. “This financing speaks to the transformative power our technology brings to the healthcare system. We remain positioned to fulfill our vision of delivering AI-based, remote cardiological services for the vast majority of cases when cardiac patients are not in front of their doctor.”

AliveCor plans to use the new funds to further its remote cardiology platform growth both domestically and worldwide.

According to the company, its AI-enabled device system provides instant detection of atrial fibrillation (the most common arrhythmia and one associated with a highly-elevated risk of stroke), bradycardia, tachycardia, and normal heart rhythm in an ECG.

Mobile-connected medical devices raised over $3 billion in VC funding since 2010. Recently, Tricog Health Services, the developer of a cloud-connected ECG device to monitor heart conditions, raised $10.5 million in Series B funding.