Medical tech spin-out Creavo Medical Technologies said this week it raised $15.3 million (EU €13.4 million) in equity funding to help support its magnetocardiography diagnostic tech designed to measure, display and store electromagnetic fluctuations caused by heart activity.
The round was led by IP Group and joined by existing investors the University of Leeds and newly invested Parkwalk Advisors and Puhua Capital, the UK-based company said.
“We have supported Creavo from the very beginning and have been impressed with its substantial growth and ambition. I am particularly excited about this next chapter in Creavo’s evolution which will see its technology launched commercially for the benefit of patients and providers in the emergency room, a setting which continues to dominate the news and is an enormous challenge globally. Creavo is well-positioned to disrupt multiple healthcare markets to benefit both patients and payors, and we are excited to have led this funding round in Creavo,” IP Group healthcare director Simon Graindorge said in a prepared statement.
Creavo said it is currently engaged in a UK-based multicenter clinical study exploring the efficiency of its application, which is designed to help physicians quickly rule out serious heart related problems upon admission to emergency departments.
The company said the core technological platform has a potential range of applications outside emergency detection and could be used to predict arrhythmias and as diagnostics for other organs.
“To have attracted such highly respected companies such as Parkwalk Advisors and Puhua Capital Ltd is a strong endorsement of Creavo’s strategy, team and its state of the art medical technology. The funding will be used to continue growing the Creavo business and move towards a full commercial launch in Europe. We will conclude our clinical study in the UK, build our US operation and associated clinical study and conduct further research to expand the use of our technology into other applications. It will also enable us to develop a fully commercial device encompassing all of the learnings from the initial clinical studies. We are delighted that there has been such strong support and endorsement of Creavo’s strategy and team,” Creavo chair Robert Barr said in a press release.