Cardiosense, Inc., Completes $15.1 Million Series A Financing to Advance Artificial Intelligence Platform for Heart Disease

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Dec 08, 2022, 14:00 ET

CHICAGO, Dec. 8, 2022 /PRNewswire/ -- Cardiosense, Inc., a Chicago-based digital health company leveraging artificial intelligence and multi-sensor devices to enable early detection of cardiovascular disease, announced today that it has raised $15.1 million in Series A funding, co-led by Broadview Ventures and Hatteras Venture Partners, with participation from Laerdal Million Lives Fund, OSF Ventures, UnityPoint Health Ventures, and Portal Innovations. The capital will be used to support team expansion, accelerate product development, and fund an expansive heart failure study.

"We're excited to have our new investors join our mission of combating preventable cardiovascular disease," said Amit Gupta, Cardiosense Co-founder and CEO. "Recent data has underscored both the need and potential impact of actionable patient monitoring solutions and this capital allows us to accelerate the clinical development of our platform."

Cardiosense's founding team has been developing the underlying technologies for more than a decade and the Company will be pursuing regulatory clearance for its clinical-grade, multi-parameter wearable device, CardioTag, next year. The Company is also building an advanced AI platform that analyzes raw physiological signals to develop digital biomarkers to identify at-risk patients and enable guided, personalized therapy.

The Company's first clinical application focuses on improving the management of congestive heart failure (CHF), a condition that affects more than 6 million people in the US and is expected to cost the healthcare system more than $70 billion annually by 2030. Earlier this year, Cardiosense was awarded FDA Breakthrough Device Designation for its early heart failure detection algorithm and the Company plans to launch a nationwide clinical study in 2023 to further refine and validate the algorithm over a diverse population of CHF patients.

"Effectively forecasting and preventing the development of acute heart failure remains one of our greatest unmet clinical needs," said Dr. Liviu Klein, M.D., chief of Advanced Heart Failure at UCSF and lead clinical advisor for Cardiosense. "Cardiosense's technology has the potential to directly address this challenge at a population level by providing an accurate, noninvasive solution for identifying at-risk patients and enabling early, therapeutic interventions."

In connection with the investment, Daniel Gottlieb and Jeff Terrell from Broadview Ventures and Hatteras Venture Partners, respectively will join Cardiosense's Board of Directors.

"Cardiosense's innovative approach has the potential to dramatically expand the number of patients with heart failure who are actively monitored for worsening symptoms. Broadview is excited to partner with this exceptional team and syndicate to support the next phase of the company's growth," said Daniel Gottlieb of Broadview Ventures.

"Hatteras is thrilled to support the Cardiosense team in the development of this novel cardiac monitoring technology and the potential of its integrated device and AI platform to advance remote care of heart disease," said Jeff Terrell of Hatteras Venture Partners. "We have been impressed by the work done to-date and are eager to be a part of this journey among such great partners."

About Cardiosense

Cardiosense is building a physiological waveform AI platform to develop predictive biomarkers to detect and manage cardiac disease. The Company has developed a suite of novel digital tools, multi-sensor devices, and analysis algorithms to detect early signs of cardiovascular disease, inform personalized therapy, and improve patient outcomes. For more information, visit: www.cardiosense.com.

About Broadview Ventures

Broadview Ventures is a mission-driven investment organization that makes targeted investments in early-stage companies to accelerate the development of innovative therapeutics, devices, digital health, and diagnostics for cardiovascular disease and stroke. Broadview is an affiliate of the Leducq Foundation. For more information, visit: www.broadviewventures.org.

About Hatteras Venture Partners

Founded in 2000 and based in Durham, NC, Hatteras Venture Partners is a venture capital firm with a focus on seed and early stage healthcare investing. Through seven funds and over $750 million under management, the firm has invested in breakthrough science and entrepreneurial grit in the areas of biopharmaceuticals, medical devices, diagnostics, healthcare IT, and related opportunities in human medicine. To learn more, please visit www.hatterasvp.com.

SOURCE Cardiosense