Genetesis said today that it raised a $1.2 million seed round for its CardioFlux heart imaging device.
Cincinatti-based Genetesis said the round was led by CincyTech and Mark Cuban’s Radical Investments and included Loud Capital, Danmar Capital, Wilson Sonsini Investment Company, Genetesis management and private angels.
The CardioFlux device is designed to create a 3D map to characterize the heart’s underlying electrical activity in patients with myocardial ischemia, atrial fibrillation, ventricular tachycardia and other cardiac arrhythmias. The company said it plans to use the proceeds to scale its engineering, launch additional clinical studies and seek regulatory clearance from the FDA.
Co-founder & CEO Peeyush Shrivastava is slated to present data from a clinical study tomorrow at the American Heart Assn.’s annual meeting in New Orleans, the company said.
“Genetesis is presenting data collected in collaboration with the Mayo Clinic. These results demonstrate promising improvements for the noninvasive detection of ischemia in patients with high-risk chest pain, as compared to tools available in the emergency room today,” Shrivastava said in prepared remarks.
“The Genetesis technology opens broad new commercial markets for what has, for decades, been primarily a research tool. For millions dealing with the risks and anxiety of arrhythmias, atrial fibrillation and other cardiac diseases, this is a game changer,” Cuban added.
“CincyTech was attracted to this opportunity by the entrepreneurial verve of the team and their ability to very rapidly generate meaningful clinical data to validate the technology and the market,” CincyTech life sciences director John Rice said. “We believe the Genetesis technology can be expanded beyond the cardiac market to the sizable market of magnetic brain imaging.”