Artificial intelligence cardiology diagnostics company Cardiologs Technologies announced that it raised $15 million in a Series A funding round.
The round, led by Paris-based venture capital firm Alven, brought Boston-based Cardiologs’ total capital raised since inception to more than $25 million, according to a news release. Bpifrance, ISAI, Kurma Diagnostics, Idinvest Partners and Paras Saclay Seed Fund also participated in the financing.
Cardiologs said it plans to use the latest financing proceeds to grow its market share by increasing sales and marketing efforts in both North America and Europe. Money is also earmarked by the company for building its technology platform with new integrations and expanded applications.
The company’s AI-based technology is designed to spot more than 100 different cardiac abnormalities and interpret data from a range of cardiac monitoring devices and generate a report within minutes. The platform is FDA-cleared for all clinically-relevant arrhythmias.
“We have developed a new category of heart disease diagnostic products powered by AI that promise to revolutionize healthcare by delivering accurate, cost-effective and timely expert-level diagnostics,” Cardiologs co-founder & CEO Yann Fleureau said in the news release. “We are excited to work with our new partners at Alven and other earlier investors as we enter the next critical stage of our evolution as a company.”
“With its unique software built around a cutting-edge technology that blends deep learning with diagnostic clinical science and workflow, Cardiologs is already improving a traditionally manually-processed industry to generate substantial improvements in the speed, cost and accuracy of diagnostics,” added Alven partner François Meteyer. “This will be a key differentiator to build a new AI-based category in the cardiology field, democratizing the access to instant, reliable and affordable expertise for every patient, every test, everywhere. We’re excited to support this European-rooted global business in its development .”