HeartFlow said today it closed a $240 million Series E round of financing, with funds slated to support commercial expansion and studies of its HeartFlow FFRct analysis system.
Redwood City, Calif.-based HeartFlow’s FFRct technology works by taking the data from a standard CT scan and applying algorithms that result in a color-coded 3D “map” detailing the changes in flow across coronary lesions.
Financing in the round included investments from Wellington Management, Baillie Gifford & Company and existing investors, the company said.
“We are delighted to be investing in HeartFlow on behalf of our clients. Heart disease is the leading cause of death globally, in part owing to the difficulties around diagnosis. The HeartFlow Analysis improves patient experience and outcomes, whilst also reducing costs for overstretched healthcare systems — a dual objective that many healthcare companies strive for but few achieve. The underlying technology developed by HeartFlow also has the potential for broader applications for heart disease and other conditions. The capital raised here will enable HeartFlow to push forward with commercialization and invest for long-term success by continuing to advance the ways in which it can help patients and physicians,” Baillie Gifford & Company investment manager Peter Singlehurst said in a prepared statement.
Funds from the round will support ramped up commercial expansion of the HeartFlow FFRct analysis system, continued product development and additional clinical studies, HeartFlow said.
“We are incredibly pleased to have Wellington Management Company LLP and Baillie Gifford & Company as anchor investors. This financing will enable us to drive commercial success of the HeartFlow Analysis, which is poised to become the global standard of care in the diagnosis of coronary artery disease. Given our recent momentum with clinicians, the Centers for Medicare & Medicaid Services, commercial payers and strategic collaborators, we are well positioned for growth,” prez & CEO Dr. John Stevens said in a press release.
Earlier this month, HeartFlow touted that seven new insurers released positive medical policies supporting coverage for its HeartFlow FFRct analysis following a coronary computed tomography angiogram, expanding coverage to a total of 185 million patients.