Digital ECG maker AliveCor snags $5.8M more

A new SEC document reveals the company has filed for a total offering of $9.1 million.
By Laura Lovett
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Yesterday an SEC filing revealed that AliveCore, mobile ECG maker, raised $5.78 million in new funds. The filing, which was first spotted by Exits & Outcomes’ Brian Dolan, lists the company’s total offerings at $9.1 million, leaving roughly $3.4 million left on the table to be sold to potential investors. This investment grows on the $30 million it raised in 2017, which was led by the Mayo Clinic and Omron Healthcare. 

WHAT THEY DO 

AliveCor focuses on single- and six-lead smartphone ECGs and artificial intelligence-based reading interpretations. Its latest product, a six-lead ECG device, was launched in June of this year. Dubbed KardiaMobile 6L, the product resembles a standard KardiaMobile and uses a similar app-driven interface. What’s different is that in addition to a user placing their thumbs on the device’s front electrodes, a third node on the back is pressed against the user’s knee or ankle. This enables the technology to give cardiologist six perspectives on the heart’s electrical activity. 

The company also recently landed FDA clearance for its KardiaAIa dual-update to the company’s existing KardiaMobile and KardiaStation platforms for consumer and point-of-care-use. 

WHAT IT’S FOR 

The company has yet to announce how the new funds will be used, or who the investors are. 

MARKET SNAPSHOT

Recently at least one of AliveCor’s product has faced stiff competition from new tech entrances. 

In 2018 Apple launched its Series 4 Watch, which came with ECG functionality. Not a year later AliveCor announced that it would end the sales of its KardiaBand, its FDA-cleared ECG wristband designed for use with Apple Watches. When the watches first came out the then-interim CEO Ira Bahr told MobiHealthNews that the AliveCor’s broader business wouldn’t be threatened by the new competitor. 

The company also recently named Amazon Alexa veteran Priya Abani as the next CEO after it prior CEO Vic Gundotra stepped down in January.