US-based electrocardiogram (ECG) system provider AliveCor secured $65m on Monday in a series E round featuring medical device producer Omron and mobile chipmaker Qualcomm’s corporate venturing unit, Qualcomm Ventures.
Private equity firm WP Global Partners and venture capital firms Khosla Ventures and Bold Capital Partners also took part in the round.
AliveCor’s KardiaMobile ECG device can detect, heart rhythm, atrial fibrillation, bradycardia and tachycardia, using artificial intelligence to help detect irregularities in a patient’s heartbeat.
The funding will be used to extend the company’s remote monitoring technology into telehealth while it looks to add hypertension management to its capabilities through a collaboration with Omron.
Priya Abani, AliveCor’s CEO, said: “This financing speaks to the transformative power our technology brings to the healthcare system. We remain positioned to fulfil our vision of delivering AI-based, remote cardiological services for the vast majority of cases when cardiac patients are not in front of their doctor.”
Omron co-led AliveCor’s $30m series D round with medical research and care provider Mayo Clinic in 2017, participating alongside undisclosed existing backers, a round followed by $5.8m from unnamed investors in October 2019 according to a securities filing.
The company had received $10.5m in a 2012 round co-led by Khosla Ventures and investment firm Burrill & Company and backed by Qualcomm Ventures and its Qualcomm Life Fund as well as Oklahoma Life Sciences Fund.
Qualcomm Ventures, Burrill & Company and Oklahoma Life Sciences Fund had already provided $3m in series A funding for AliveCor the previous year.
