- Health technology company Element Science announced it has raised $145.6 million in Series C funding
Element Science, a health technology company that is pioneering a next-generation digital wearable platform focused on high-risk cardiovascular patients transitioning from the hospital-to-home, announced it has raised $145.6 million in Series C funding.
This round of funding was led by Deerfield Healthcare and Qiming Venture Partners USA. And this round also included investment from Cormorant Asset Management and Invus Opportunities as well as participation from existing investors Third Rock Ventures and Google Ventures.
This round of funding will be used to enable completion of clinical studies through commercial launch of the company’s initial product called the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD), an unobtrusive and low-profile personal defibrillator designed to detect and treat life-threatening arrhythmias in patients with an elevated temporary risk of Sudden Cardiac Death (SCD) — which is a condition for that 500,000 patients in the US are at risk every year.
Since the company was founded, it has been led by Uday N. Kumar, MD, a cardiac electrophysiologist — who serves as faculty at Stanford University’s Byers Center for Biodesign and was a former Entrepreneur-in-Residence at Third Rock Ventures as well as the Founder of iRhythm Technologies.
The Jewel P-WCD is the first product to be built on Element’s Jewel platform, which combines patient-centric human factor engineering and sophisticated machine learning algorithm development principles upon a foundation of rigorous electromechanical medical device development standards. And the Jewel platform has the potential to be easily adapted to a variety of clinical settings and care delivery models.
This funding round will also be used for developing a family of digital wearables based on the modular Jewel platform, including solutions that address related unmet needs like the treatment of SCD in inpatient settings as well as the diagnosis of heart failure exacerbations in recently discharged patients.
The Element Science team has deep expertise in wearable patches and user-centered design and advanced algorithms along with 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.
Key Quotes:
“Given Dr. Kumar’s background, the Jewel P-WCD was designed with patients and physicians foremost in mind and truly represents a significant advancement in therapeutic digital wearables,” said Neil Exter, Board member, Element Science and Partner, Third Rock Ventures. “We are excited to have this new group of prominent investors join the Company to help ensure this life-saving therapy reaches patients.”
-Neil Exter, Board member at Element Science and partner at Third Rock Ventures
“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. 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.”
-Dr. Kumar, president and CEO of Element Science
“We believe that Element Science’s ability to apply cutting-edge principles of data science and patient-centered design holds great potential in disrupting the way these cardiovascular patients are monitored, diagnosed, and treated. We are delighted to support the company as it works to bring life-saving therapies to patients, while changing the paradigm of treatment in multi-billion dollar global markets.”
-Andrew ElBardissi, MD, Partner, Deerfield Management
“We see massive opportunities to significantly impact patient health with the proprietary Jewel platform in the US and Europe, as well as large, underserved markets such as China. We are excited to partner with Element Science in leading the effort to make this important life-saving technology available for patients globally.”
-Christopher Shen, MD, Managing Partner, Qiming Venture Partners USA
“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. 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.”
-William (“Hank”) Kucheman, former CEO of Boston Scientific Corporation and member of Element Science’s Board of Directors
