Deerfield Healthcare and Qiming Venture Partners USA led the financing round with participation from Cormorant Asset Management, Invus Opportunities, Third Rock Ventures, and GV (formerly Google Ventures).
According to Mercom database, GV (formerly Google Ventures) has invested over $1 billion in 37 Digital health companies, including Cala Health (formerly Resido Medical), Collective Health, Collective Health, Quartet Health, and Viz.ai.
The new funds will help to launch its first product, Jewel Patch, that detects and treats life-threatening arrhythmias in patients with an elevated temporary risk of Sudden Cardiac Death, a condition for which is accounting for 15–20% of all deaths. An estimated 180,000–300,000 sudden cardiac deaths (SCD) occur in the US annually.
Element Science was founded in 2011 by Uday Kumar, MD, a cardiac electrophysiologist, and founder of iRhythm Technologies, which was focused on cardiac rhythm diagnosis.
The company develops clinical-grade wearable devices, machine learning algorithms, and lifesaving therapies to address the needs of high-risk cardiovascular patients, primarily as they transition from the hospital to home. The wearable patch defibrillator was initially targeted at treating the more than 500,000 patients in the US with an elevated temporary risk of potentially experiencing a lethal heart rhythm.
“Our next-generation digital wearable is a unique breakthrough in personalized digital healthcare based on years of extensive research and testing. The Jewel platform supports both therapeutic and diagnostic capabilities and is designed for ease of wearability to facilitate high compliance and efficacy,” said Dr. Kumar, Founder, President, and CEO. “Given the broad potential for the Jewel platform to save and improve the lives of patients worldwide, we welcome the strong support of this impressive consortium of investors.”
Digital Health Wearable Device companies secured $145 million in Q4 2019 compared to $27 million in Q3 2019.