US-based cardiac monitoring technology developer Bardy Diagnostics has raised an amount indicated by a securities filing last month to be $35.4m, from investors including corporate-backed venture capital fund Ascension Ventures.
Ascension, which counts 13 healthcare providers as its limited partners, was joined by VC firm SV Health Investors and growth equity firm Health Enterprise Partners. The regulatory filing suggests Bardy began raising the funding in September 2016.
Bardy has created an ambulatory cardiac monitor called the Carnation Ambulatory Monitor which can also detect arrhythmia – an irregular heartbeat – when placed on a patient’s chest by focusing on the P-wave, the electocardiogram wave that shows atrial depolarisation.
The company intends to channel the funding into hiring sales staff and expanding research and development in order to enhance the product’s artificial intelligence tools.
Gust H. Bardy, Bardy’s founder and CEO, said: “We are excited and fortunate to be backed by a strong syndicate of investors that believe in and continue to support our vision to deliver industry-leading and disruptive cardiac monitoring technologies.
“The capital will enable us to properly scale to match the rapidly growing demand for the CAM patch and develop a portfolio of P-wave focused product solutions to address the varying and evolving cardiac monitoring needs of healthcare professionals and their patients.”
Bardy Diagnostics had not disclosed any previous funding before revealing in January 2017 that it had raised money from the three investors above as well as Square 1 Bank, a subsidiary of financial services provider Pacific Western Bank.