Bardy Diagnostics said this week that it raised $35.5 million in a round of Series B financing.
The round was led by River Cities Capital Funds and joined by newly invested HealthQuest Capital, Aperture Venture Partners, Aphelion Capital, Lumira Ventures and Rex Health Ventures. Existing investors SV Health Investors, Health Enterprise Partners and Ascension Ventures also joined the round, the company said.
Funds from the round will be used to support the company’s P-wave focused cardiac monitoring platform through expanding the associated sales force and monitoring services, and to support advanced development programs including augmented intelligence and visualization technologies.
“Our Series B capital will continue to fuel the technological innovation that Dr. Bardy has always insisted on and for which BardyDx has come to be known,” COO Mark Handfelt said in prepared remarks.
In connection with the funding round, Bardy Diagnostics said that River Cities Capital Funds managing director Rik Vandevenne and HealthQuest Capital managing director Garheng Kong will join its board of directors.
“It’s not every day you have the opportunity to partner with such a groundbreaking serial entrepreneur and innovator as Dr. Gust Bardy and the team at BardyDx. The company has a clear focus on putting the patient first and they have developed a clinically-superior ECG platform that is revolutionizing heart monitoring. We are excited for the opportunity to help further drive growth for the company while positively impacting the lives of thousands of people every week,” Vandevenne said in a press release.
“The caliber of our new investors in addition to our exceptional existing syndicate of financiers underscores the exciting opportunity before us. With these funds, we will grow our business by refining and expanding our primary goal of revealing to patients, and their physicians, the full complexity and meaning of their cardiac rhythm. For nearly 60 years, standard ECG engineering practices have over-processed the heart’s electrical message to make machines’ ‘lives’ easier at the expense of losing details in the ECG. In essence, such legacy engineering doesn’t listen to what the heart is trying to tell us but rather tells the heart what we are willing to hear. At BardyDx, our pioneering technology focuses on revealing the cardiac rhythm message fully, and in so doing, allows for precise and meaningful patient management predicated on cardiac truth,” founder & CEO Dr. Gust Bardy said in a prepared statement.
Last May, Bardy Diagnostics released information from a validation study of its novel artificial intelligence powered atrial fibrillation screening technology, touting a more than 90% sensitivity and specificity.
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