AliveCor, developer of the iPhone ECG, announced this week that it has raised $3 million in its first round of funding. The investment was funded by Burrill & Company, Qualcomm Ventures and the Oklahoma Life Sciences Fund.
The company plans to use the investment to expand its team, gain regulatory approval and market the device worldwide. AliveCor expects to commercially launch its iPhone ECG case (pictured) and wireless iCard later this year. The devices will cost less than $100, according to AliveCor founder Dr. David Albert. Both devices will still need to complete a clinical trial and secure FDA 510(k) clearance. The company is working with OU Health Sciences Centers.
The iPhone ECG first got notice in late December 2010 when Albert uploaded a video demo of the device to YouTube. The video went viral and made the device one of the most talked about at the Consumer Electronics Show in January. The video has since received more than 250,000 views. MobiHealthNews first spoke to Albert about the iPhone ECG in January. AliveCor expects to offer a free iPhone app for patients, with a paid version for physicians. Sometime after the iPhone ECG case becomes commercially available, the company plans to launch the iCard, which works with other iOS and Android devices. (Albert spoke to MobiHealthNews about the iPad's role in healthcare in March.)
“The iPhone ECG captured the imagination of the world at CES by demonstrating the power of personal health monitoring as enabled by the Apple iPhone and other smartphones," Albert stated in a press release. "AliveCor looks forward to taking our innovations to all parts of the world for physicians, emergency first responders and patients alike.”
Interestingly, while the iPhone ECG strongly associated with the iPhone, Dr. Albert’s AliveCor Australian co-founders Bruce Satchwell and Kim Barnett began working on the ECG device in 2005, which is well before the iPhone launched. The Oklahoma City Chamber of Commerce originally helped bring the business to Oklahoma City in 2008, the press release stated.
For more on the investors and AliveCor, read the press release after the jump.
AliveCor Inc. , which has developed a device that will turn any smartphone into a clinical-quality electrocardiogram (ECG) recorder, has just raised $3 million from a top-tier venture capital investor syndicate formed by Burrill & Company, Qualcomm Ventures and the Oklahoma Life Sciences Fund. This investment will allow the company to build its team, gain regulatory approval and market the device in the United States and worldwide. AliveCor plans to launch its product in late 2011, at which point medical professionals and patients alike can purchase the ECG device at a fraction of the price of current offerings.
AliveCor Co-Founder Dr. David Albert said, “We are honored to have attracted the quality of investors led by the professionals from Burrill & Co. which is a Biotech and Healthcare investment leader. Qualcomm is the preeminent provider of chipsets for advance wireless services and has been a pioneer in driving the adoption of Wireless Healthcare. The Oklahoma Life Sciences Fund brings local expertise and a longstanding personal relationship with my ventures. “
AliveCor has been in the headlines since December of 2010, when Dr. Albert uploaded a video on YouTube to demonstrate the iPhone ECG. That video has received more than 250,000 views and has generated an overwhelming amount of interest on behalf of potential customers and partners from around the world.
Dr. Albert stated that, “The iPhone ECG captured the imagination of the world at CES by demonstrating the power of personal health monitoring as enabled by the Apple iPhone and other smartphones. AliveCor looks forward to taking our innovations to all parts of the world for physicians, emergency first responders and patients alike.”
While it has only recently garnered mainstream attention, the AliveCor story goes back several years. Dr. Albert’s AliveCor Australian co-founders Bruce Satchwell and Kim Barnett, have been working on wireless ECG technology since 2005, prior to the launch of the iPhone. In fact, the Oklahoma City Chamber of Commerce originally helped bring the business to Oklahoma City in 2008.
"We're thrilled to be a small part of this exciting news," Greater Oklahoma City Chamber President & CEO Roy Williams said. "The Greater Oklahoma City Chamber remains committed to supporting entrepreneurs like Dr. Albert and building our bioscience industry in our region. Having financial participants like the Burrill Life Science Fund, Qualcomm Ventures and the Oklahoma Life Science Fund II speaks highly of AliveCor and its future."
Tom Walker, President and CEO of Oklahoma City-based i2E, Inc., echoed the Chamber’s sentiments. “With the backing of these investors, I’m hopeful the AliveCor ECG will soon be making a difference for heart patients around the world.”
After completing its clinical trials at the OU Health Sciences Center and receiving FDA 510(k) clearance, AliveCor will begin manufacturing both an iPhone ECG case and a credit-card-sized iCard ECG device, both of which are wireless, and expected to retail for less than $100. The patient-oriented iPhone app will be free, while a price has yet to be set for the physician-only app. Shortly after launching the iPhone ECG, the iCard ECG will be released for use with all iOS and Android devices. In doing so, AliveCor will make portable, cost-effective ECG monitoring a reality for millions of patients worldwide.
Burrill & Co., based in San Francisco, is one of the most influential organizations in the world of healthcare, and is currently managing nearly $1 billion in healthcare-related investments. The Burrill Life Science Capital Fund III is its sixth life sciences-focused fund.
Qualcomm Ventures is the San Diego-based investment arm of Qualcomm, one of the world’s leading wireless technology companies. Qualcomm Ventures manages a $500 million fund and invests in disruptive technologies that are both financially promising and complementary to the Qualcomm business.
The Oklahoma Life Science Fund, with $15 million under management, is focused on supporting the creation and capitalization of life science opportunities within the state. OLSF is a cornerstone of venture capital activity within Oklahoma.
For additional information, please visit http://alivecor.com/