St. Jude-backed iRhythm Technologies raises another $16M for Zio wearable heart monitor

April 12, 2013 by Brad Perriello

iRhythm Technologies, which includes St. Jude Medical among its backers, lands a $16 million Series D round for its Zio wearable heart monitor.

iRhythm Zio wearable heart monitor

iRhythm Technologies said it closed a $16 million Series D round for its Zio wearable heart monitor, saying it plans to use the proceeds to further its commercial footprint and research & development efforts.

Led by Norwest Venture Partners, which added partner Casper de Clercq to iRhythm's board, the latest financing including contributions from existing backers New Leaf Ventures, Synergy Life Science Partners and Kaiser Permanente Ventures.

St. Jude Medical (NYSE:STJ) led a $10 million round for iRhythm back in 2010 and kicked in again on a $15 million round a year later.

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"We are pleased to have NVP as our lead investor in this important growth phase of the company," president & CEO Kevin King said in a statement. "Since the introduction of the Zio System in early 2011, we have reported on over 20 million hours of patient data. Recent peer review data has demonstrated that the Zio Patch System is helping physicians to make more informed patient treatment decisions over the gold standard method of Holter monitoring. NVP's interest in partnering with companies focused on products that address an unmet clinical need aligns with iRhythm's own mission."

The FDA cleared the Zio patch and accompanying analysis software for 2 weeks of continuous wear. The system is designed to log data on patients' heart rhythm, then process and analyze the data to kick out a report to "streamline the diagnostic process by highlighting key findings," according to a press release.