AliveCor said yesterday that it entered into a strategic partnership with Huami Corp. (NYSE:HMI) to combine each company’s technologies for developing medically functional wearable devices.
The financial details of the agreement were not disclosed but the company said the agreement includes the licensing of AliveCor technology and a deal to bring new devices and services to market. AliveCor and Huami expect to deliver new ECG form factors to global markets in 2020, according to a news release.
“AliveCor’s Intelligent, medical grade, heart care platform will be a key component of Huami smart watches and heart trackers going forward,” Huami CEO Wang Huang said in prepared remarks. “Our new partnership is critical to building these as well as entirely new medical grade services.”
“AliveCor’s agreement with Huami achieves our corporate goal of delivering AliveCor’s AI driven subscription services and solutions to enterprise customers and consumers worldwide at affordable price points,” added AliveCor CEO Priya Abani. “AliveCor technology allows partners to easily deliver clinically validated, peer-reviewed medical features to their own customers, at scale.”
Last week, AliveCor announced that it raised $5.8 million of its $9.2 million goal for its KardiaBand wrist-worn device designed to detect atrial fibrillation, and the KardiaMobile app, a clinical-grade monitor that uses fingerpads to generate an ECG.
KardiaMobile won FDA clearance for detecting bradycardia and tachycardia in April, then got an FDA nod for the KardiaMobile 6L six-lead personal ECG device in May. AliveCor also secured a $20 million loan from investment firm Oxford Finance in January, which was earmarked for working capital as AliveCor looked to expand the footprint of its mobile ECG devices.
Shares of HMI were down -0.3% at $9.13 per share in midday trading today.