Element Science, a San Francisco, CA-based innovative health technology company pioneering a next-generation digital wearable platform focused on high-risk cardiovascular patients transitioning from the hospital-to-home, announced today that it had raised $145.6 million in Series C financing. The funding round, led by Deerfield Healthcare and Qiming Venture Partners USA, includes Cormorant Asset Management and Invus Opportunities, as well as participation from existing investors Third Rock Ventures and Google Ventures.
Founded in 2011 by Uday N. Kumar, MD, a cardiac electrophysiologist, Element Science is developing a wearable platform solution with proprietary technology in wearable patches, electrical design, machine learning algorithms, and digital solutions. The platform is being used to address different leading causes of death and hospitalization due to heart disease. The first product aims to redefine the treatment for temporary periods of elevated Sudden Cardiac Death risk.
Wearable Cardioverter Defibrillator (WCD) Monitors a Patient’s Heart
The new funds will enable completion of clinical studies through U.S. commercial launch of the Company’s initial product, the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD), an unobtrusive, low-profile personal defibrillator designed to detect and treat life-threatening arrhythmias in patients with an elevated temporary risk of Sudden Cardiac Death (SCD), a condition for which more than 500,000 patients in the US are at risk every year.
“Our next-generation digital wearable is a unique breakthrough in personalized 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,” said Dr. Kumar, Founder, President and CEO. “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.”
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The team at Element Science has deep expertise in wearable patches, user-centered design and advanced algorithms, and a Scientific Advisory Board with distinguished leaders including Dr. Robert Harrington, Chair of Stanford University’s Department of Medicine, Dr. Jeremy Ruskin, Founder and Director Emeritus, Massachusetts General Hospital Cardiac Arrhythmia Service and Dr. Harlan Krumholz, Director, Center for Outcomes Research and Evaluation, Yale-New Haven Hospital.
“Given the seriousness of the conditions Element Science is addressing, this important level of funding is needed to support the efforts needed to scale Element Science’s manufacturing, quality and clinical infrastructure in the appropriate manner necessary for the next stage of the Company’s development,” said William (“Hank”) Kucheman, former CEO of Boston Scientific Corporation and long-standing member of Element Science’s Board of Directors. “Everyone at the Company is focused on successfully completing our clinical studies and beginning commercialization, and is looking forward to broadly providing these needed solutions to patients to help save lives.”
Source: HIT Consultant
