Cardiac Insight has raised a $7 million Series B round, led by medical device manufacturer Welch Allyn, according to a press release put out by the two companies today. As a part of the deal, the two companies have entered into an agreement which will allow Welch Allyn to be the sole global distributor of certain Cardiac Insight products and technologies.
Included in that agreement is Stealth, a lightweight, disposable, body-worn heart monitor. The device, could be produced for as little as $20, according to a report from Xconomy, and could be an affordable choice to allow monitoring of heart conditions. It’s designed to detect atrial fibrillation (a-fib), a common form of irregular heartbeat that could lead to a stroke.
The funding announced today will be put towards a number of objectives, including further development of its body-worn sensing technologies, as well as further clinical trials. In an interview with GeekWire, Cardiac Insight CEO Brad Harlow said that the company had been in talks with Welch Allyn for quite some time.
“They’re the largest player in primary care medicine, so we’re thrilled that they want to distribute the product as well as making the equity investment,” he said. “They were the partner we very much wanted to be with.”
Cardiac Insight received approval from the Food and Drug Administration for its monitor late last year, and is reportedly seeking one more FDA approval before moving to market its device to consumers.
The company, which spun off from research done at the University of Washington, was founded in 2008 by UW cardiologist David Linker and Harlow, a serial medical device entrepreneur.
This raise comes almost exactly half a year after the company raised $2 million in debt financing to support the development of its device.