Cardiologs raises $15m in Series A funding

Chloe Kent 10 January 2020 (Last Updated January 10th, 2020 11:28)

Artificial intelligence (AI) cardiology diagnostics firm Cardiologs has secured $15m in Series A funding, bringing the total capital raised since its inception to $25m.

Cardiologs raises $15m in Series A funding
Cardiologs’ AI model has been trained through a database of more than 1.4 million ECG recordings. Credit: Shutterstock

Artificial intelligence (AI) cardiology diagnostics firm Cardiologs has secured $15m in Series A funding, bringing the total capital raised since its inception to $25m.

The funding round was led by Alven, a leading French venture capital firm. Previous backers Bpifrance, ISAI, Kurma Diagnostics, Idinvest Partners and Paris Saclay Seed Fund also participated in the round.

Cardiologs’ AI model has been trained through a database of more than 1.4 million electrocardiogram (ECG) recordings, which continues to grow. It is capable of spotting more than 100 different cardiac abnormalities and has been cleared by the US Food and Drug Administration (FDA) for the detection of 14 different cardiac arrhythmias.

The system can also interpret data from a broad range of cardiac monitoring devices and generate a report within minutes, enabling faster and more efficient diagnoses for patients.

Alven partner François Meteyer said: “With its unique software built around a cutting-edge technology that blends deep learning with diagnostic clinical science and workflow, Cardiologs is already improving a traditionally manually-processed industry to generate substantial improvements in the speed, cost and accuracy of diagnostics.

“This will be a key differentiator to build a new AI-based category in the cardiology field, democratizing the access to instant, reliable and affordable expertise for every patient, every test, everywhere.”

Cardiologs, which has offices in Paris and Boston, intends to use the new funding to grow its market share across North America and Europe via sales and marketing efforts, as well as expand the AI platform with new integrations and expanded applications.

Cardiologs CEO Yann Fleureau said: “We have developed a new category of heart disease diagnostic products powered by AI that promise to revolutionize healthcare by delivering accurate, cost-effective and timely expert-level diagnostics.”

Founded in 2014, Cardiologs is now assisting clinicians across four continents in identifying heart rhythm abnormalities. The company experienced strong revenue growth across 2019, particularly in the US.