US-based medical device and digital health company Element Science has raised $145.6m through a Series C funding round to boost its next-generation digital wearable platform.
Led by Deerfield Healthcare and Qiming Venture Partners USA, the financing round has seen participation from existing investors Third Rock Ventures and Google Ventures, as well as Cormorant Asset Management and Invus Opportunities.
The proceeds from the round will go towards the completion of clinical studies and the commercial launch of the company’s first product, the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD).
The product detects and treats severe arrhythmias in patients with an increased temporary risk of Sudden Cardiac Death (SCD).
In the US, around 500,000 patients are at the risk of SCD every year.
Element Science founder, president and CEO Uday N Kumar said: “Our next-generation digital wearable is a unique breakthrough in personalised digital healthcare based on years of extensive research and testing. The Jewel platform supports both therapeutic and diagnostic capabilities and is designed for ease of wearability to facilitate high compliance and efficacy.
“Given the broad potential for the Jewel platform to save and improve the lives of patients worldwide, we welcome the strong support of this impressive consortium of investors.”
The company will also use the funds to develop digital wearables based on its novel Jewel platform, including solutions to address the treatment of SCD in inpatient settings and the diagnosis of heart failure exacerbations in patients after discharge.
Element’s Jewel platform unites patient-centric human factor engineering and machine learning algorithm development principles on a basis of electromechanical medical device development standards.
The Jewel P-WCD is the first product to be developed on the platform.
Element Science is a San Francisco-based medical device and digital health company, which focuses on producing clinical-grade wearable devices, machine learning algorithms, and life-saving therapies.