Element Science, the US-based developer of a wearable cardiac monitor, secured $145.6m yesterday in a series C round that included GV, a corporate venturing vehicle for internet and technology group Alphabet.
Deerfield Healthcare and Qiming Venture Partners USA co-led the round, which also featured Cormorant Asset Management, Third Rock Ventures and Invus Opportunities.
Founded as Revive Defibrillation Systems, Element has created a wearable device called the Jewel Patch Wearable Cardioverter Defibrillator for cardiac patients transferring from the hospital to their home.
The system detects and treats life-threatening arrhythmias – irregular heartbeats – in patients that temporarily have a heightened risk of sudden cardiac death, The series C financing will fund the final clinical studies for Jewel Patch in addition to its commercial launch.
Uday N. Kumar, Element’s founder, president and chief executive, said: “Our next-generation digital wearable is a unique breakthrough in personalised 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. 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.”
Element had previously secured $12.5m in equity funding in 2014 before adding $25m in 2016 and closing $9.5m in debt financing in September 2019, according to securities filings.
The company named GV and Third Rock Ventures as existing investors this week. Its board of directors already includes GV partner Krishna Yeshwant.
