Finnish healthtech CardioSignal raises $10M in Series A funding
CardioSignal has announced the closing of a $10 million Series A funding round for its smartphone-based heart disease detection solution. The round was led by DigiTx Partners, with participation from Sandwater and existing investors.
- CardioSignal is a brand and a product by Precordior Ltd, a health technology company formed in 2017 and headquartered in Turku, Finland. Its subsidiary CardioSignal Inc is based in Palo Alto, USA. CardioSignal develops solutions for the detection of heart diseases using digital cardiac biomarkers. The company has 52 patents covering its method and clinical algorithms.
- CardioSignal’s technology harnesses gyroscope and accelerometer motion data from smartphones to measure specific rotational movements of the heart that can be used to detect abnormal heart function. The analysis takes place utilizing a smartphone placed on the patient’s chest for a one-minute measurement. The CardioSignal app is already available in 15 countries as a class IIa medical device for detecting signs of Atrial fibrillation.
More than 20 million people die each year from cardiovascular diseases. This funding enables us to scale a detection and remote monitoring solution for primary care doctors and their patients. Currently, primary care has very limited tools to detect heart diseases, like heart failure patients who are often already experiencing symptoms. We can support the shift in cardiovascular care from treating complications to earlier detection and prevention,Dr. Juuso Blomster, founder and CEO of CardioSignal, said.
The investment details
- The fresh round was led by the US-based firm DigiTx Partners with participation from Sandwater, a Norwegian fund, and the existing investor Maki.vc.
- To date, CardioSignal has raised a total of $23 million. Following the round, David J. Kim, M.D., managing director of DigiTx, will also be joining the board of directors at CardioSignal.
- The Series A investment will fund additional clinical validation of CardioSignal’s breakthrough technology and the expansion of its commercial efforts.