Volta Medical, a developer of intelligence (AI) algorithms that help electrophysiologists improve cardiac arrythmias treatment, raised $28 million in financing.
Gilde Healthcare led the round with participation from existing shareholder Pasteur Mutualité.
As part of the funding, Janke Dittmer, General Partner at Gilde Healthcare, joined as a board member. Former medical device industry executive Denis Gestin joined as an independent board member.
The company plans to use the funds to build its FDA-cleared and CE-marked VX1 AI software solution, pursue further R&D activities, and start to roll out commercial activities across the US and Europe.
According to the company, atrial fibrillation (AF) affected approximately 6 million patients in the US in 2019 and 11 million patients in Europe in 2018, and prevalence is estimated to double by 2060. In Europe, 120,000-215,000 new cases are projected to occur each year, reaching a total AF patient population prevalence of 14-17 million by 2030.
Evidence suggests a higher prevalence of AF in patients with hypertension, heart failure, coronary heart disease, obesity, diabetes. In addition, recent studies show that 20-30% of patients with ischemic stroke have had AF before, during, or after the initial event.
Volta HealthTech develops AI software solutions to assist cardiac electrophysiologists in the operating room. According to the company, the software also assists cardiologists in real-time identification of specific abnormal electrograms, known as dispersed electrograms.
“We are eager to help new centers access and use our revolutionary tool during ablation procedures. This cutting-edge medical innovation enhances the efficiency and precision of the practitioners who are analyzing real-time data in the operating room. Its robustness will help physicians adopt a more efficient workflow and take the right decisions,” claimed physician co-founder Jerome Kalifa.
Clinical Decision Support companies that help healthcare providers improve and make better clinical decisions raised $1.2 billion in 2020, according to the latest Mercom Digital Health Funding & M&A report.