Personal MedSystems, a German medical device company better known by its brand name CardioSecur, has raised $5.36 million (5 million euros). KPN Ventures led the round, with additional contributions from new investors Sino-German High-Tech Fund and the NRW-Bank, and existing investors Seventure Partners and HTGF.
“The Series B financing and the strategic leverage points of our new investors will accelerate our market penetration for high-quality cardiac services further and strengthen our pioneering position within [mobile health],” Felix Brand, cofounder and managing director of Personal MedSystems said in a statement. “Broad availability of CardioSecur’s profound ECG service grows our smart data platform ever larger day by day, which is the basis for generating predictive values for serious cardiac events in the future and will help reduce health care cost to society.”
The device is not currently FDA-cleared and is not available for purchase in the United States, but it does have a CE Mark. The funding will be used for sales growth and continued innovation on the company's technology and data platform.
CardioSecur is a smartphone-connected ECG device for people living with heart conditions. Using four colored electrodes, CardioSecur delivers a 15-lead ECG. A user records a reference ECG when they first receive the device, and can then record routine ECGs and compare them against the reference. The app gives a green, yellow, or red indicator to let users know if there are variations they should be concerned about. Red means "call a doctor immediately", yellow means "make an appointment with a doctor" and green means "no change".
We've reached out to ask the company about plans for the US, but right now the device is available in Germany with immediate plans to expand within Europe, hence the Dutch investment.
"We see great potential for digital and mobile technologies to improve the quality of healthcare while reducing the cost," Herman Kienhuis, managing director of KPN Ventures, said in a statement. "Personal MedSystems has developed such an innovation bringing great value to people suffering from heart problems and to cardiologists. In addition to financially supporting its growth, KPN will help Personal MedSystems in bringing CardioSecur to the Dutch market as well.”