Tue.Jun 15th , Jun 2021 12:11:17 PM
Medical tech firm Elucid bags US$8Mn in Series A funding round

The funding will be used to advance the firm’s technology for diagnosis of cardiovascular event risk, therapeutic response and myocardial ischemia

Elucid, a medical technology firm developing AI software for detection of cardiovascular diseases (CVDs), has secured $8 Million in Series A funding led by Global Health Impact Fund and MedTex Ventures. The funding round saw participation of new and existing investors such as BlueStone Venture Partners, IAG Capital, Checkmate Capital, Wolverine Venture Fund, Angel Physicians Fund and Willamette Valley Capital.

Elated by the investment, Blake Richards, CEO of Elucid, said that they are pleased to welcome new investors to Elucid. The latest funding will enable their firm to advance its unique technology for non-invasive diagnosis of cardiovascular event risk, therapeutic response and myocardial ischemia. This funding validates that there is need for technologies like the ones offered by Elucid to enable more accurate diagnosis of CVD and patient-specific treatments.

Commenting on their investment, Dr. Ashok Gowda, MedTex Ventures’ Partner, stated that they are excited to be part of Elucid's objective of transforming the diagnosis of CVD, especially as they start to  recognize the commercial potential of the platform.

Dr. Orrin Ailloni-Charas, CEO & Managing Partner, Global Health Impact Fund, mentioned that the work done by Elucid’s team has the potential to change standard of care for neurovascular and cardiac patients, resulting in superior outcomes and cost savings by enabling precision medicine.

As per Andrew Buckler, CTO, Founder and President, Elucid, their team is focused on developing its portfolio of products. The latest funding round enables them to deliver key aspects of its vision.

Comprehending the nature of vascular disease and taking on some of the previously faced challenges allow Elucid to mitigate stressful procedures for patients while concurrently improving diagnostic power available to clinicians seeking to improve treatment outcomes.

Source Credit: https://www.businesswire.com/news/home/20210510005534/en/Elucid-Secures-8-Million-in-Series-A-Funding-Led-by-MedTex-Ventures-and-Global-Health-Impact-Fund

By Shreya Bhute

With corporate exposure in software and marketing, Shreya was always intrigued by content development. Having pursued her graduation in I.T. engineering, she works as a content writer for people.partilepep.com and jots down news articles across distinct domains including technology, business and healthcare.