Cardiac Insight said today it closed a $2.5 million Series C funding round to support its CardeaScreen device and to finalize the development of a proprietary wearable sensor technology.
The CardeaScreen is a handheld 12-lead electrocardiogram device and software that Cardiac Insight says “provides a major breakthrough” in improving quality and reliability of ECGs to identify issues associated with sudden cardiac arrest in young athletes.
“We are excited to have completed this funding and move forward with our near term FDA submission for our 7-day ECG Monitor and increasing the sales of our CardeaScreen 12-lead device. Cardiac Insights’ shareholders and our partners look forward to both products serving patients by the end of 2016,” CEO Brad Harlow said in prepared remarks.
Money in the round came from 30 unnamed sources and the offering includes “warrants, the monetary consideration for which may not be paid until the exercise of said warrants,” according to an SEC filing.
The Kirkland, Wash.-based company said it is also developing single-use, patient centric technologies to “simplify and streamline complex diagnostic exams centered around cardiology and related practices.”
Last October, Cardiac Insight said it closed its purchase of cardiovascular diagnostic developer Cardea Associates for an undisclosed amount, picking up the CardeaScreen device with the buy.
Cardiac Insight said it is developing wearable ECG sensing technology to identify atrial fibrillation and other conditions. The company aims to produce sensor technology to “streamline the AF detection process” while reducing equipment costs.