June 13, 2012 — AliveCor announced it has raised $10.5 million in Series B venture financing. The financing comes on the heels of recent presentations at major cardiology conferences, in which supporting data demonstrated the clinical utility and accuracy of AliveCor's device in monitoring patients' heart health.
Existing investor Burrill & Co. and new investor, Khosla Ventures, led the financing along with participation from Series A investors, Qualcomm Inc. (through its Qualcomm Ventures investment arm and Qualcomm Life Fund) and the Oklahoma Life Sciences Fund. AliveCor will use the funding to launch and commercialize its mobile electrocardiogram (ECG) device, pending 510(k) marketing clearance by the U.S. Food and Drug Administration (FDA).
The funding also enables expansion for new mHealth applications and services for international markets. In addition, the company announced that Michael Kourey, an operating partner at Khosla Ventures and former Polycom chief financial officer and board member, would immediately join AliveCor's board of directors.
"This funding provides us with the resources to support the global launch of our highly anticipated iOS and Android ECG devices, and to utilize our transformative technology and data to strategically build future devices and services," said Judy Wade, president, CEO and director of AliveCor. “This round of financing, along with the support and expertise of the board, will allow us to further realize our vision of providing mobile devices to identify, prevent and manage life-altering diseases."
"AliveCor's unique innovation offers the ability to decrease the cost and increase the global availability of advanced cardiac monitoring," said G. Steven Burrill, CEO of Burrill & Co. "Heart health remains a huge cost to the healthcare system. Burrill & Co. is pleased to be a part of this round and AliveCor's exciting next stage of development."
For more information: www.alivecor.com