GEN inCode, a developer of AI products and algorithms to assess cardiovascular disease, raised £3 million (~$4 million) in institutional funding to scale its products and technology internationally.
Cardiovascular disease is the leading cause of death and disability worldwide, accounting for one in every four deaths in the United States, and according to the company, by 2030, the total global cost of cardiovascular disease will rise to $1,044 billion, from ~$863 billion in 2010.
The GEN inCode algorithms are created to assess the genetic risk and predict a broad range of cardiovascular disease, including coronary artery diseases, such as angina and myocardial infarction, stroke, heart failure, hypertension, venous thromboembolism, and other vascular heart diseases. The company’s cloud-based reporting system informs healthcare practitioners and patients of their cardiovascular disease risk while delivering effective treatment options.
In September 2018, GEN inCode acquired the products and assets of the Ferrer inCode and the Gendiag.exe businesses, then part of The Ferrer Group, a pharmaceutical and healthcare company with headquarters in Barcelona, Spain.
The institutional funding round was led by Maven Capital Partners and Downing. With new funds, the company plans to expand its operations in Europe, the U.K., and the U.S.
“We are delighted to complete the institutional round of funding and welcome Maven and Downing, our new institutional investors. The funding will prepare the company for accelerated growth and international scale and supports our regulatory and clinical pathway into the U.S. market. We look forward to advising the market on our progress and further milestones in due course,” said Matthew Walls, Chairman, and CEO of GEN inCode.
AI-powered digital health companies raised $1.3 billion in the first half of 2020. Recently, HeartVista, a developer of AI-assisted applications that help physicians accurately diagnose cardiovascular disease, closed an $8.65 million Series A financing round from Khosla Ventures, Jeff Rothschild, Leslie Ventures, and Open Field Capital.
Image Credit: GEN inCode