Investment drives increased market share for Cardea SOLO™ Wearable ECG System with in-office automated arrhythmia analysis software for healthcare providers
Seattle, WA (February 11, 2020) — SeaChange Fund, which invests exclusively in Pacific Northwest companies through its Collaborative Capital Investment Model, and Cardiac Insight, Inc. a US-based digital healthcare company specializing in body-worn sensor technology and automated electrocardiogram (ECG) analysis software, announced today that Cardiac Insight has secured an investment from SeaChange Fund as part of an $8MM financing round.
“This recent SeaChange investment, in parallel with their hands-on collaborative advice on growth, adds velocity to our sales and marketing expansion,” said Brad Harlow, Chief Executive Officer of Cardiac Insight. “We’ll continue to engage and grow our base of healthcare provider customers. Our highly-differentiated Cardea SOLO™ ECG System is being used by more clinical cardiology experts and frontline physicians in the U.S. with year-over-year sales growth exceeding 100%.”
The Cardea SOLO ECG System allows physicians to reduce the diagnostic timeline of patients potentially at risk of life-threatening cardiac arrhythmias by days or weeks. These arrhythmias include atrial fibrillation (AFib). If left undiagnosed, AFib can lead to debilitating stroke, heart failure, and sudden cardiac death.
The freestanding Cardea SOLO Automated ECG analysis software solution was cleared by the FDA in 2017. It’s used right in the healthcare setting and takes five minutes or less to generate a draft summary report of findings.
“We’re thrilled to partner with Cardiac Insight, where we see so many things we like in a fast-growing company: demonstrated traction, increasing revenue, and a strong market response for innovative products. We’re convinced there’s a big opportunity for this experienced and driven team,” said SeaChange Fund Managing Partner Susan Preston. “Cardiac Insight has huge potential by enabling more healthcare providers to deliver high-quality in-office cardiac care that both improves patient outcomes and potentially lowers costs for consumers.”
SeaChange recently announced the closing of its largest fund to date, the $5.8MM SeaChange Fund V. SeaChange’s investment into Cardiac Insight is consistent with its typical investment between $500,000 and $900,000.
Harlow continued, “Cardiac Insight is currently driving increased penetration into new global verticals. Our value of streamlining cardiac arrhythmia diagnostic decision-making at the point of care is a vivid differentiator over outsourced ECG data analysis by third-party companies. There is a clear worldwide business opportunity for Cardiac Insight on the table and this investment helps us realize it faster.”
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ABOUT CARDIAC INSIGHT, INC: Cardiac Insight, Inc. (www.cardiacinsightinc.com) is a leading U.S. digital healthcare innovation company specializing in the development of medical-grade, body-worn sensor technology and automated cardiac analysis solutions through its proprietary algorithms and software platforms. The company’s products include the Cardea SOLO™ wearable ECG Sensor and Software Analysis System, and the Cardea 20/20 ECG™ – the only resting ECG System designed for cardiac risk screening in young athletes at all levels of play.
ABOUT SEACHANGE FUND: SeaChange Fund, founded in 2015 as Seattle Angel Fund, has invested in 24 early-stage Pacific Northwest startups across seven industries, typically investing between $500,000 and $900,000, and supporting 240 jobs in the region. Follow SeaChange Fund on Twitter and LinkedIn for the latest news and information.