Capital to Fund Commercialization and Global Expansion of Breakthrough mHealth Devices
AliveCor, Inc. announced today that it raised $10.5 million in Series B venture financing. The financing comes on the heels of recent presentations at major cardiology conferences, in which supporting data demonstrated the clinical utility and accuracy of AliveCor’s device in monitoring patients’ heart health.
Existing investor Burrill & Company and new investor, Khosla Ventures, led the financing along with participation from Series A investors, Qualcomm Incorporated, through its Qualcomm Ventures investment arm and Qualcomm Life Fund, and the Oklahoma Life Sciences Fund. AliveCor will use the funding to launch and commercialize its mobile ECG device, pending 510(k) marketing clearance by the Food and Drug Administration, in the human health and animal health markets. The funding also enables expansion for new mHealth applications and services for international markets. In addition, the company announced that Michael Kourey, an operating partner at Khosla Ventures and former Polycom CFO and Board member, would immediately join AliveCor’s Board of Directors.
“This funding provides us with the resources to support the global launch of our highly anticipated iOS and Android ECG devices, and to utilize our transformative technology and data to strategically build future devices and services,” commented Judy Wade, AliveCor’s President, CEO and Director. “This round of financing, along with the support and expertise of the Board, will allow us to further realize our vision of providing mobile devices to identify, prevent and manage life-altering diseases.”
“AliveCor’s unique innovation offers the ability to decrease the cost and increase the global availability of advanced cardiac monitoring,” said G. Steven Burrill, CEO of Burrill & Company, which has made a strong commitment to funding breakthrough digital and wireless health technologies that fundamentally improve healthcare access and quality. “Heart health remains a huge cost to the healthcare system. Burrill & Company is pleased to be a part of this round and AliveCor’s exciting next stage of development.”