- Elucid — a medical technology company developing AI software to enable cardiovascular disease detection — announced recently that it raised an $8 million Series A round of funding. These are the details.
Elucid — a medical technology company developing AI software to enable cardiovascular disease detection — announced recently that it raised an $8 million Series A round of funding led by MedTex Ventures and Global Health Impact Fund. And new and existing investors Checkmate Capital, IAG Capital, BlueStone Venture Partners, University of Michigan – Wolverine Venture Fund, Willamette Valley Capital LLC, and Angel Physicians Fund also joined the round.
Elucid is known for using uniquely interpretable and validated AI to provide physicians with a cost-effective means to optimize treatment decisions for patients with known or suspected cardiovascular disease. And advanced clinical insights from ElucidVivo equip physicians with critical information designed to enable precision medicine.
ElucidVivo is known as the first FDA-Cleared and CE-marked non-invasive software to quantify atherosclerotic plaque characteristics compared to histopathology, including Lipid Rich Necrotic Core. And the company recently published studies for its derivation of fractional flow reserve (FFRct) based on the vasodilative capacity of the vessel wall and estimation of coding and non-coding RNA transcripts. This unique information informs better treatment decisions by physicians leading to better patient outcomes, improved quality of care, and reduced healthcare costs.
Jason Bottiglieri also joined Elucid as Chief Commercial Officer. Bottiglieri has more than 25 years of experience in the cardiovascular device space, including as CEO of Infraredx and sales leadership positions at Medtronic, Spectranetics, and Cordis (a Cardinal Health company).
Murali Ayyapillai joined as Vice President of Engineering and brings 25 years of imaging R&D experience, most recently as Vice President of iNtuition Development, responsible for TeraRecon’s flagship suite of applications. Before TeraRecon, Ayyapillai was a senior software engineer at Siemens.
KEY QUOTES:
“We are very pleased to welcome our new investors to Elucid at this exciting time for the company. This latest round of financing will enable us to continue advancing our unique technology for non-invasive estimation of cardiovascular event risk, myocardial ischemia, and therapeutic response. This funding is validation of the market need for technology like Elucid’s to enable more accurate diagnosis of cardiovascular disease and patient-specific treatment decisions. We are also announcing today the addition of Jason Bottiglieri and Murali Ayyapillai to our management team. Their vast experience and expertise in cardiovascular will serve Elucid well as we continue to advance and commercialize our technology.”
— Blake Richards, CEO of Elucid
“We are excited to be part of Elucid’s mission to transform the diagnosis of cardiovascular disease, especially as they begin to realize the significant commercial potential of this platform technology.”
— Dr. Ashok Gowda, partner at MedTex Ventures
“The work the Elucid team is doing has the potential to change the standard of care for cardiac and neurovascular patients, resulting in cost savings and superior outcomes by enabling precision medicine.”
— Orrin Ailloni-Charas, CEO of Global Health Impact Fund.
“Our team continues to develop our portfolio of products based on the power of our ideas. This latest round of funding enables us to deliver key aspects of our vision. Understanding the nature of vascular disease and taking on some of the challenges which have previously held the field back allow Elucid to reduce stressful procedures for patients while simultaneously improving the diagnostic power available to the clinicians seeking to help improve outcomes.”
— Elucid founder, President, and CTO Andrew Buckler
