Germany-based cardiac health technology developer Personal MedSystems has received €5m ($5.4m) in series B funding from backers including KPN Ventures, the corporate venturing arm of telecommunications company KPN.
The round also featured Sino German High-Tech Fund, which is backed by the Chinese and German governments, as well as development banks KfW and NRW.Bank, the latter of which represents the German state North Rhine-Westphalia, and VC fund High-Tech Gruenderfonds.
Personal MedSystems has built a smartphone-based, personal electrocardiogram device called CardioSecur capable of providing instant feedback on heart symptoms through an app. Seventure Partners had previously invested €2.5m in the company in 2013.
KPN Ventures managing director Herman Kienhuis said: “We see great potential for digital and mobile technologies to improve the quality of healthcare while reducing the cost.
“Personal MedSystems has developed such an innovation bringing great value to people suffering from heart problems and to cardiologists. In addition to financially supporting its growth, KPN will help Personal MedSystems in bringing CardioSecur to the Dutch market as well.”