Bardy Diagnostics™ Announces Additional Growth Capital Funding
SEATTLE, July 16, 2018 /PRNewswire/ -- Bardy Diagnostics, Inc. , ("BardyDx"), a leading provider of ambulatory cardiac monitoring technologies and custom data solutions, including the Carnation Ambulatory Monitor ("CAM™"), the world's first P-wave centric™ ambulatory cardiac monitor and arrhythmia detection device, announced today it has raised additional growth capital from its existing equity investors, including SV Health Investors ("SVHI"), Health Enterprise Partners, and Ascension Ventures. The growth capital will be used to expand BardyDx's sales force and monitoring services, advance research and development programs, and accelerate development of artificial intelligence diagnostic capabilities.
"We are excited and fortunate to be backed by a strong syndicate of investors that believe in and continue to support our vision to deliver industry-leading and disruptive cardiac monitoring technologies," said Gust H. Bardy, MD, Founder and Chief Executive Officer of BardyDx. "The capital will enable us to properly scale to match the rapidly growing demand for the CAM patch and develop a portfolio of P-wave focused product solutions to address the varying and evolving cardiac monitoring needs of healthcare professionals and their patients."
Mark Handfelt, BardyDx's Chief Operating Officer, continued, "Growing awareness among healthcare professionals about the importance of the P-wave visualization technologies pioneered by the CAM patch has resulted in strong sales growth. To match increasing monitoring volumes, a portion of the funding will be deployed to expand our monitoring services center and to aid in development of automated arrhythmia detection technologies, a key component of the ongoing R&D efforts at BardyDx to redefine and elevate the standard of care in cardiac monitoring."
BardyDx recently presented a poster at the Heart Rhythm Society's 39th Annual Scientific Session that described an electrophysiologist-vetted, artificial intelligence-enabled (AI) screening technology to detect atrial fibrillation (AF) events that distinguishes pseudo-AF events from genuine AF, marking an important milestone in BardyDx's pipeline of future AI-driven diagnostic products intended to be used for widespread public screening of arrhythmias.
"We have strong confidence in the ability of Bardy Diagnostics to transform the cardiac monitoring industry by delivering market-changing diagnostic technologies that drastically improve clinical management and outcomes for patients," said Paul LaViolette, Managing Partner at SVHI. "We are very pleased with BardyDx's clinical and commercial success and look forward to helping the company become the global standard of care in the diagnosis of arrhythmias."
About Bardy Diagnostics:
Bardy Diagnostics, Inc. is an innovator in digital health and remote patient monitoring, with a focus on providing diagnostically-accurate and patient-friendly cardiac patch and other monitors to the industry. The company's CAM patch is a non-invasive, P-wave centric™ ambulatory cardiac monitor and arrhythmia detection device that is designed to improve patient compliance for men, women, and children through its lifestyle-enabling patch design. Designed to be worn comfortably and discreetly by both men and women, the female-friendly, hourglass-shaped CAM patch is placed on the center of the chest, directly over the heart for optimum ECG signal collection. The innovative and broadly-patented technology of the CAM patch provides optimal detection and clear recording of the often difficult-to-detect P-wave, the signal of the ECG waveform that is essential for accurate arrhythmia diagnosis. For more information, please visit www.bardydx.com.
About SV Health Investors
SV Health Investors (formerly SV Life Sciences) is a healthcare and life sciences venture capital and growth equity firm. SV targets early-stage opportunities in biotechnology; early-stage and revenue-stage opportunities in medical devices; and growth equity investments for later-stage businesses in healthcare services and digital health. Over the past 20 years, SV Health Investors has invested in more than 175 companies. The firm currently has over $2.5 billion of capital commitments under management. SV Health Investors has offices in Boston, San Francisco, and London. For more information, please visit www.svhealthinvestors.com.
About Health Enterprise Partners
Health Enterprise Partners (HEP) invests primarily in privately held, middle market companies in health care services and health care information technology. Central to HEP's strategy is its unique and extensive hospital system and health plan network, 26 members of which are investors in HEP's funds. HEP seeks to invest in companies that improve the quality of the patient experience, expand access, and reduce the cost of health care. For more information, please visit www.hepfund.com.
About Ascension Ventures
Ascension Ventures is a strategic healthcare venture firm with more than $800 million in capital under management. The firm is a wholly owned subsidiary of Ascension, the nation's largest Catholic and non-profit health system. Ascension Ventures' role is to construct and manage a strategic portfolio of investments that deliver venture-level investment returns, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. Its health system limited partners operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue. For more information, please visit www.ascensionventures.org.
Bardy Diagnostics, Inc.
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