AliveCor landed a $20 million loan from Oxford Finance, the investment firm said today.
Alexandria, Va.-based Oxford, which specializes in life-science and healthcare plays, said the senior secured loan are earmarked for working capital as Mountain View, Calif.-based AliveCor looks to expand the footprint of its mobile ECG devices.
AliveCor makes the KardiaBand, a wrist-worn device is designed to detect atrial fibrillation, and the KardiaMobile app, a clinical-grade monitor that uses fingerpads to generate an ECG.
“Heart disease is the leading cause of death in humans. AliveCor has developed low cost, hand-held and wrist-worn ECG technology capable of detecting, with clinical grade accuracy anytime and anywhere, the presence of atrial fibrillation in just 30 seconds,” Oxford senior managing director Christopher Herr said in prepared remarks. “Oxford is excited to partner with AliveCor to help support their continued growth, innovation, and expansion into the rapid detection of other potentially fatal conditions affecting cardiac health.”
Although AliveCor won 501(k) clearance from the FDA for an Apple Watch-compatible KardiaBand in November 2017, less than a year later the consumer tech monolith unveiled its own ECG offering for its Series 4 watch, touting it as the first over-the-counter ECG product.