Medtech in a Minute: Investors Show Medtech the Money

GE Healthcare Leads AliveCor Funding Round

AliveCor plans to exend its reach to patients via a series F round led by GE Healthcare. NGK-NTK (through a CVC partnership with Pegasus Tech Ventures) joined the round, along with existing investors Khosla Ventures, Bold Capital Partners, Qualcomm Ventures, and WP Global Partners. The company will use the new funds to introduce 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.

Levita Attracts $26M for Magnetic-Assisted Robotic Surgery

Levita Magnetics raised $26 million in a series C financing. A health tech investment group managed by investor Evan Norton led the round, with additional participation from MedTex Ventures, Invermaster, and Carao Ventures, among returning investors. The financing will be used to support the regulatory and short-term commercial efforts for its Magnetic-Assisted Robotic Surgery (MARS) platform.

The Future Looks Bright for CathVision

CathVision, a medical technology company developing electrophysiology (EP) solutions, raised $7.2 million in funding from existing investors. The funding is expected to help the company advance commercial operations for the ECGenius System and “support the continued development of artificial intelligence-powered analytic modules to provide electrophysiologists with unprecedented levels of automated analysis during cardiac ablation procedures.”

And in case you missed our last Medtech in a Minute report...

The CHIPS Are on the Table

President Biden signed the CHIPS and Science Act (Creating Helpful Incentives to Produce Semiconductors for America Act) into law last week, opening access to more than $50 billion in research and manufacturing of semiconductor chips. The bill, which was passed by lawmakers in late July, will help the country regain a leading position in chip manufacturing by bringing more facilities back to the United States, which will help lower costs and prevent supply disruptions. The signing of the bill comes as dozens of companies across medtech such as Vicarious Surgical have seen chip shortages weigh on earnings.

Another Bloody Silicon Valley Scandal

In a story that evokes feelings of Theranos déjà vu, a Silicon Valley medtech executive is on trial this week for allegedly making false claims about his company's blood testing technology. A California federal jury heard opening statements last week in the criminal fraud trial of Mark Schena, president of Sunnyvale, CA-based Arrayit. Schena is facing nine counts of fraud and conspiracy for allegedly lying about the development of a COVID-19 blood test. He has served as president and chief science officer at Arrayit since 2008 and is married to the company's CEO, Rene Schena, according to a complaint filed by the U.S. Securities and Exchange Commission.