Medtech company CardioSignal this week announced the closing of $10 million in Series A funding.
CardioSignal develops digital technologies and software-as-medical-devices to provide early detection of heart diseases, and provides the first and only technology to detect several major heart diseases with high accuracy using just one clinical modality without any specialized medical equipment.
CardioSignal’s technology harnesses gyroscope and accelerometer motion data from smartphones to measure specific rotational movements of the heart that can be used to detect abnormal heart function accurately.
The analysis uses a smartphone placed on the patient’s chest for a one-minute measurement. A clinically validated algorithm analyzes the motion data in a secure cloud service and provides immediate results.
CardioSignal is a brand and a product by Precordior Ltd, an ISO 13485 and 27001 certified health technology company formed in 2017 and headquartered in Turku, Finland. Initially an academic spin-off, the company’s patented gyrocardiography technology is built on a decade of research and algorithm development.
The company has 52 patents covering its method and clinical algorithms, which are based on gyrocardiography and have been heavily researched and documented in more than 20 peer-reviewed scientific publications.
Currently, CardioSignal’s technology produces digital biomarkers validated in clinical studies for Atrial fibrillation (A-fib) and Heart failure, with additional development ongoing for Aortic stenosis, Coronary artery disease and Pulmonary artery hypertension. The CardioSignal application is already available in 15 countries as a class IIa medical device for detecting signs of Atrial fibrillation.
The technology has a profound social impact because the ability to access care through smartphones solves critical issues in healthcare reach. Healthcare inequities are a major reason why cardiovascular diseases are the #1 killer in the world.
This funding is led by DigiTx Partners, with participation from Sandwater and existing investor Maki.vc. David J. Kim, MD., managing director of DigiTx, will join the board. To date, CardioSignal has raised $23 million.
According to cardiologist Dr Juuso Blomster, founder and CEO of CardioSignal:
“More than 20 million people die each year from cardiovascular diseases. This funding enables us to scale a detection and remote monitoring solution for primary care doctors and their patients.
Currently, primary care has very limited tools to detect heart diseases, like heart failure patients who are often already experiencing symptoms.
We can support the shift in cardiovascular care from treating complications to earlier detection and prevention.”
David J. Kim, managing director of DigiTx Partners, shared:
“CardioSignal has the potential to impact heart disease on a global basis meaningfully. Besides the ability to detect various heart diseases, which continue to be one of the common causes of death,
CardioSignal has lowered the barrier to adoption by making it readily available to all individuals with smartphones. We can reach millions of at-risk patients and make a real impact.”
The Series A investment will fund additional clinical validation of CardioSignal’s breakthrough technology and the expansion of its commercial efforts.
Lead image: CardioSignal. Photo: uncredited.