Elucid has raised $55m to further develop its artificial intelligence (AI)-based cardiovascular imaging platform and support preparations for the anticipated US Food and Drug Administration (FDA) clearance of its fractional flow reserve (FFR)-CT software.
Bringing its total funding to date to around $185m, the Boston-based company’s oversubscribed Series D financing round included participation from new and existing investors, including IAG Capital Partners and Elevage Medical Technologies. Elucid highlighted that the round also saw new participation from a large medtech company that joins as Elucid’s fourth publicly traded strategic investor.
According to Elucid, the addition of this strategic investor to its syndicate of publicly traded partners underscores the “growing industry confidence” in the company’s approach to non-invasive cardiovascular diagnostics.
Elucid intends to apply the proceeds towards accelerating the commercial expansion of its clinical platform that includes its Plaque-IQ diagnostic. Used for visualising arterial plaque build-up to assess patients’ risk of cardiovascular disease (CVD), the AI-based image analysis software for quantifying and classifying plaque morphology on the basis of ground-truth histology secured US Food and Drug Administration (FDA) clearance in October 2024.
Meanwhile, the latest funding tranche will also support preparations surrounding the commercial launch of Elucid’s BioIntegrated FFR-CT product and further clinical evidence generation for each product, along with advancing clinical evidence generation.
Currently awaiting FDA clearance, Elucid’s FFR-CT tool is designed to offer “high accuracy and reproducibility” compared to invasive FFR. FFR is a diagnostic test used during coronary catheterisation to measure blood pressure and flow across a narrowing in a coronary artery. Alongside Plaque-IQ, FFR-CT – together with a user interface and reporting workflow – is intended to form a “comprehensive clinical decision platform”, Elucid stated.
Previously in conversation with Medical Device Network, Elucid’s CEO, Kelly Huang highlighted that the American Medical Association’s (AMA) Category I CPT code 75577 for plaque analysis came into effect in January 2026, meaning the analytic method is now covered for coronary artery plaque assessment with a national average payment amount of $1,012 for use in imaging centres and physician offices and $951 in hospital outpatient settings.
“We now expect [with plaque analysis gaining a CPT code] that adoption will dramatically change, because now a doctor can provide this function and not have to worry about losing money,” Huang said in January.
New research presented at the 2026 European Society of Cardiology (ESC) congress in Munich, Germany suggests FFR’s valuable role in the diagnostic pathway for patients with coronary artery disease (CAD). Research from the FUSION study, funded by the Dutch National Health Care Institute, found that the addition of Heartflow’s FFR technology to CAD diagnostic pathway resulted in a 44% relative reduction in unnecessary invasive coronary angiography procedures at one year, versus 22% in the CCTA-only group.
“Analogous to oncology's shift from population-based, one-size treatment, Elucid is applying AI to integrate anatomy, biology, and physiology to bring personalised treatment to coronary artery disease management. Physician feedback indicating that our current platform can uniquely lead to better care decisions fuels our mission to predict and personalise the prevention of heart attacks and strokes,” Huang said in a statement following the Series D financing.
