Cardiologs Technologies said this week it raised $6.4 million in a Series A round of financing to support accelerated commercialization of its Cardiologs ECG Analysis Platform in the US and Europe.
Funding in the round came from a syndicate of new investors including Idinvest, ISAI, Kurma Partners and Partech and was joined by the previously vested Bpifrance seed fund. The funds bring the total raised for the Paris-based company up to $10 million.
“Cardiologs is the perfect example of applying state-of-the-art machine learning techniques to help professionals work much faster and more accurately. And in this case, it can save a lot of lives,” Idinvest managing partner Benoist Grossmann said in a press release.
“Cardiologs has assembled a world-class team with a unique combination of mathematical and engineering skills. It is great to see them out to solve a global problem with a solution that will bring better healthcare to a greater number at a more affordable cost,” Partech Ventures GP Reza Malekzadeh said in a prepared release.
The ECG Analysis Platform is a cloud-based cardiac monitoring and analysis web service designed to use artificial intelligence to analyze long-term ambulatory ECG monitoring recordings, Cardiologs said.
The system won FDA 510(k) clearance in July and has CE Mark approval in the European Union, the company said.
Cardiologs said that studies of the platform reported a positive predictive value for diagnosing atrial fibrillation at 91%, with a 97% detection sensitivity for patients with AF.
“Ambulatory ECG analysis and reporting is a labor-intensive process that can result in delays for arrhythmia detection and increased costs. Our Cardiologs team has trained a neural network using more than 500,000 recordings, and this training dataset keeps growing. The result is that Cardiologs is designed to recognize patterns in a cardiac signal for fast and precise analysis of heart diseases in a similar intuitive manner as expert cardiologists,” co-founder & CEO Yann Fleureau said in a prepared statement.