The round including contributions from WRF Capital and "other private investors," according to a press release. Cardiac Insight said it plans to use the financing to continue developing its body-worn sensing and computing technologies, expand its research program and "accelerate" sales.
Cardiac Insight, a Bellevue, Wash.-based spinout from the University of Washington, won 510(k) clearance from the FDA for its Stealth atrial fibrillation monitoring patch last year. The Stealth device, developed for less than $2 million, is designed to be a platform for future devices, Cardiac Insight said at the time.
The Welch Allyn investment comes along with a "strategic collaboration agreement" that gives Welch Allyn will have exclusive global distribution rights for some of Cardiac Insight’s products and technologies, according to the release.
"Cardiac Insight is bringing to market disruptive technologies designed to streamline and simplify diagnostic and monitoring processes for complex disease states like cardiac arrhythmia and obstructive sleep apnea, directly addressing the often slow and costly approaches we see today," Welch Allyn president & CEO Stephen Meyer said in prepared remarks. "This collaborative opportunity will enable Welch Allyn to provide physicians with smart monitoring solutions and improve patient access to cutting edge diagnostics."
"Today’s developments are an important step in the evolution of the company," added Cardiac Insight CEO Brad Harlow. "The combination of Cardiac Insight’s advanced sensing and computing technologies, coupled by backing from our private investors, WRF Capital and Welch Allyn – which includes sales, implementation and support strength – will greatly accelerate the adoption of Cardiac Insight’s technologies around the globe."
Cardiac Insight’s board is stacked with big names in the world of cardiology, including Dr. Robert Hauser of Allina Hospitals & Clinics in the Twin Cities; former SonoSite chairman Kirby Cramer; ex-Physio-Control president Richard Martin; and former Pathway Medical Technologies founder & CEO Tom Clement.