Cardiologs, a provider of artificial intelligence-based heart disease diagnostic solution that helps physicians with EKG data analysis and reporting capabilities, secured $15 million in Series A funding, bringing the total capital raised since its inception to over $25 million.
The investment round was led by Alven, a venture capital firm in Paris with participation from existing investors Bpifrance, ISAI, Kurma Diagnostics, Idinvest Partners, and Paris Saclay Seed Fund.
“With its unique software built around a cutting-edge technology that blends deep learning with diagnostic clinical science and workflow, Cardiologs is already improving a traditionally manually-processed industry to generate substantial improvements in the speed, cost, and accuracy of diagnostics,” says François Meteyer, Partner at Alven. “This will be a key differentiator to build a new AI-based category in the cardiology field, democratizing the access to instant, reliable and affordable expertise for every patient, every test, everywhere. We’re excited to support this European-rooted global business in its development.”
Cardiologs plans to use the new funds to gain market share across North America and Europe, and to develop the technology platform with new integrations and expanded applications.
“We have developed a new category of heart disease diagnostic products powered by AI that promise to revolutionize healthcare by delivering accurate, cost-effective, and timely expert-level diagnostics,” said Yann Fleureau, co-founder and CEO of Cardiologs, in a company press release. “We are excited to work with our new partners at Alven and other earlier investors as we enter the next critical stage of our evolution as a company.”
The Cardiologs medical-grade artificial intelligence and cloud technology system built on utilizing the database of over 1.4 million ECG recordings. The System enables clinicians to deliver expert cardiac care by identifying 14 clinically relevant heart rhythm abnormalities. Also, the system can read data from a broad range of cardiac monitoring devices and generate a report in minutes, enabling faster and more efficient diagnosis for patients.
In a similar deal, AliveCor, the maker of FDA-cleared electrocardiogram technology and an artificial intelligence-enabled platform for doctors to monitor patients, raised $5.78 million.