Cardiac Insight, a medical device spin out from the University of Washington, has raised $2 million in debt financing, according to a SEC filing.
Co-founded in 2008 by UW cardiologist David Linker and medical device entrepreneur Brad Harlow, the company really only got going in 2010 when it received its initial funding. The most recent funding came from an undisclosed strategic partner, with Harlow telling GeekWire that the funds will be used for commercialization of its first product. He declined to name the partner.
Cardiac Insight has picked up some momentum in recent months, receiving U.S. Food and Drug Administration clearance last summer for its Stealth body-worn ECG monitor. The company describes that device as a “lightweight, adhesive, low power, disposable monitor designed to be worn by patients for an entire day.” Xconomy reported last year that the device could be produced for as little as $20, making it a low-cost option for those who may suffer from heart conditions.
“Early diagnosis and treatment of conditions such as atrial fibrillation will reduce the costs associated with acute care of unexpected strokes and cardiovascular disease,” said Harlow in a press release at the time of the FDA clearance. “We will continue to work on the development of a highly accurate atrial fibrillation monitor to address the “silent” a-fib market, those patients with undiagnosed, difficult to detect atrial fibrillation, followed by other arrhythmias.”
The 8-person company has some big-time supporters, including former SonoSite chairman Kirby Cramer; former Physio-Control CEO Dick Martin; and Seattle medical device entrepreneur Tom Clement. Harlow said that the company has been operating in stealth mode over the past year, but plans release more news and launch a Web site in the next 60 days.