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AliveCor plans to expand its reach to patients and to do so the company announced a series F round. The Mountain View, CA-based company said the financing was led by GE Healthcare with NGK-NTK, through a CVC partnership with Pegasus Tech Ventures, had joined the round.
Existing investors include Khosla Ventures, Bold Capital Partners, Qualcomm Ventures, and WP Global Partners.
AliveCor has developed KardiaMobile, an FDA-cleared solution that records medical-grade ECGs right on a smartphone.
The financing will be used to advance AliveCor’s mission of becoming a premier provider of end-to-end cardiological care for patients when they are not in front of their cardiologists by introducing subscription services, KardiaCare, and KardiaComplete for patients, payers, and employers, and KardiaPro for physicians.
These subscription services are supported by the company's personal ECG devices, including KardiaMobile, KardiaMobile 6L, and KardiaMobile Card. This financing will also allow for continued advancements in AliveCor's AI roadmap and pipeline of innovations.
"We deeply appreciate the ongoing support of GE Healthcare and the rest of our investors for their confidence in our vision as we continue to expand our footprint in digital health to serve our customers," said Priya Abani, CEO of AliveCor. "This financing will help accelerate our growth into new strategic sectors and markets, enabling us to connect even more people to life-saving remote heart care."
This isn’t the first time that AliveCor and GE Healthcare have worked together. In March, the two entered into a partnership that would see medical-grade six-lead electrocardiograms (ECGs) taken by patients on an AliveCor KardiaMobile 6L ECG device outside of the hospital setting – at home or on the go – be delivered directly into GE Healthcare’s MUSE Cardiac Management System for physicians to view and evaluate.
The financing comes at a time when AliveCor is in an intense patent spat with Apple. In late June, an administrative judge from the International Trade Commission ruled that Apple has infringed on AliveCor’s electrocardiogram technology.
With this ruling, the stakes are a bit higher because now the full ITC will preside over the issue. The ITC has scheduled its final determination for October 26.
The patent battle with Apple began in December of 2020 when AliveCor filed a federal lawsuit regarding the patent infringement.
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