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AliveCor Brings in $65M to Accelerate Growth of Remote Cardiology Platform

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The Mountain View, CA-based company made medtech headlines last week when it announced former Cleveland Clinic CEO Toby Cosgrove, MD joined its board.

AliveCor has raised $65 million in a series E financing. The round is about a week removed from the Mountain View, CA-based company announcing former Cleveland Clinic CEO Toby Cosgrove, MD joining its board.

The financing was led by existing investors, Khosla Ventures, WP Global Partners, Qualcomm Ventures, Bold Capital Partners, and Omron a company that specializes in blood pressure monitors. 

Proceeds from this financing will be used to accelerate the growth of AliveCor's remote cardiology platform both domestically and around the world. AliveCor said the AI-powered ECG determinations will be strengthened with telehealth services, as well as with detection and condition management services for providers and institutions.

The enhanced partnership with Omron will also position the company to include hypertension management within its service portfolio.

“We are grateful for the continued confidence of our investors,” Priya Abani, CEO of AliveCor, said in a release. "This financing speaks to the transformative power our technology brings to the healthcare system. We remain positioned to fulfill our vision of delivering AI-based, remote cardiological services for the vast majority of cases when cardiac patients are not in front of their doctor."

AliveCor sells the FDA-cleared KardiaMobile device, which is designed to provide instant detection of atrial fibrillation (AF), bradycardia, tachycardia, and normal heart rhythm in an ECG. Kardia was the first AI-enabled platform to aid patients and clinicians in the early detection of AF. The company's platform also allows third-party providers to manage their ‘and customers' heart conditions using tools that provide easy front-end and back-end integration to AliveCor technologies.

AliveCor’s financing continues the trend of investors’ growing interest in medtech. In the early days of the pandemic, many venture capital firms tamped down on interest to invest in companies.

Chicago, IL-based Augmedics stands out because it formed a limited liability company to help close its $15 million Series B round and commercialize the xvision Spine system (XVS), an augmented reality surgical image guidance technology.

However, since that time there have been some sizeable financings. Notably, in August, Thrive Earlier Detection raised $257 million in a series B round. (Editor’s note: Thrive is in the process of being acquired by Exact Sciences for $2.15 billion.)

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