US-based telehealth software provider Eko Devices raised $65m on Monday in a series C round that included advanced materials product maker 3M and telecommunications firm NTT.
Highland Capital Partners and Questa Capital co-led the round, which also featured fellow venture capital firms Artis Ventures and DigiTx Partners in addition to unnamed new and returning backers. The corporates participated through respective investment vehicles 3M Ventures and NTTVC.
Eko was founded in 2013 and has developed an artificial intelligence-equipped virtual healthcare platform focused on heart and lung disease treatment. The product’s features include advanced sensors, patient and care provider tools and AI-based analysis algorithms.
The cash injection came in the wake of Eko signing a partnership agreement with 3M and pharmaceutical firm AstraZeneca earlier this year. Its AI tools have also been approved by the US Food and Drug Administration.
The funding will be used to accelerate platform development in a bid to meet the increased demand for telemedicine from patients with chronic cardiopulmonary conditions.
3M Ventures and NTTVC had already taken part in a $20m series B round for Eko in September 2019 that was led by Artis Ventures and which included currency trading firm XTX’s corporate venturing unit, XTX Ventures, as well as healthcare provider Mayo Clinic, DigiTx Partners and Seraph Group.
Artis also led the company’s $5m series A round in early 2018, investing alongside 1812 Ventures, DreamIt Ventures, Founders.org, Strategic Partners and undisclosed backers, three years after it had completed a $2m seed round.
