Bardy Diagnostics raises $35.5M for remote monitoring patch

The company will be using the funds to accelerate platform growth, and expand its sales and services.
By Dave Muoio
01:24 pm
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Bardy Diagnostics, maker of an adhesive ambulatory cardiac patch for remote monitoring, has raised $35.5 million in a Series B funding round led by River Cities Capital Funds. The round also featured participation from newcomers HealthQuest Capital, Aperture Venture Partners, Aphelion Capital, Lumira Ventures and Rex Health Ventures, as well as returning backers SV Health Investors, Health Enterprise Partners and Ascension Ventures.

WHAT THEY DO

Bardy Diagnostics’ primary product is the Carnation Ambulatory Monitor (CAM), a P-wave signal-capturing wearable that can be used to remotely monitor patients’ cardiac activity or detect arrhythmia over a seven-day period. Designed for adults and children weight more than 22 pounds, the adhesive patch is placed along the sternum. Recording from the device can be uploaded to BDxCONNECT, a companion cloud-enabled patient management portal that also boasts secure ECG analysis.

WHAT IT’S FOR

According to the announcement, Bardy Diagnostics will be leveraging the funds to expand its sales force and monitoring services, pursue development of augmented intelligence and visualization capabilities, and generally fuel the growth of its platform.

"With these funds, we will grow our business by refining and expanding our primary goal of revealing to patients, and their physicians, the full complexity and meaning of their cardiac rhythm,” Dr. Gust Bardy, founder and CEO of Bardy Diagnostics, said in a statement. 

MARKET SNAPSHOT

Bardy’s chief competitors in the cardiac monitoring wearable space are VitalConnect, maker of the VitalPatch disposable monitor, and iRhythm, which makes the Zio continuous ECG patch. The latter company in particular has enjoyed a handful of rollouts, as well as a number of clinical studies describing its accuracy.

It’s worth noting that the Zio and CAM patches were tested head to head in a small study published last year. Here, the CAM patch identified more episodes of atrial tachycardia, atrial flutter, and nonsustained ventricular tachycardia.

ON THE RECORD

"It's not every day you have the opportunity to partner with such a groundbreaking serial entrepreneur and innovator as Dr. Gust Bardy and the team at BardyDx," Rik Vandevenne, managing director of River Cities Capital, who will be joining Bardy’s board, said in a statement. "The company has a clear focus on putting the patient first and they have developed a clinically-superior ECG platform that is revolutionizing heart monitoring. We are excited for the opportunity to help further drive growth for the company while positively impacting the lives of thousands of people every week."

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