Los Angeles-based QT plans for the funding to accelerate its market penetration, global expansion, product development and long-term planning.
The company develops cardiac devices for patients with heart disease. Its flagship Personal Cardiac Assistant (PCA 500), a hospital-grade, resting 12-lead ECG device, has FDA clearance and CE mark. The company designed its wireless, digital, cloud-managed device for convenience with its small size. It weighs 2.3 ounces and measures less than three square inches in size. Smaller than a deck of cards, it fits in a shirt pocket or mailing envelope and utilizes phone and tablet apps.
QT Medical says its proprietary single-use, self-adhesive sensor replaces traditional electrodes and wires. Current uses include commercial flights for inflight medical emergencies and in schools for student-athletes at risk of sudden cardiac arrest. Other uses include clinical trials for cardiac safety testing and a range of healthcare settings, including the home, according tot he company.
CDIB Capital and Taiwana Capital led the Series B round. Cathay Capital, BE Capital, TMU Biomed and existing investor Quanta Computer also joined.
“Our vision is to improve heart health around the world by empowering people with new medical technologies which promote improved personalized care. The Series B funding will accelerate our process towards achieving this goal,” said Dr. Ruey-Kang Chang, CEO of QT Medical. “This financing round is crucial for us to accelerate growth and develop long-term strategies.
“We are changing the performance and delivery of cardiac care services by healthcare professionals and bringing this technology to millions of patients with heart disease for self-care at home.”
The market for wearable or easily portable ECGs has become crowded. Other companies in the space include AliveCor, iRhythm, Baxter’s BardyDx, the Samsung spinoff Wellysis, and more.
