Elektra Labs Secures $2.9M Seed Funding to Build Medical Data Curation and Distribution Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 12, 2019, local time, Elektra Labs, a medical data security company headquartered in San Francisco, USA, announced the completion of a $2.9 million seed funding round. The round was led by Maverick Ventures, with participation from Arkitekt Ventures, Boost VC, Founder Collective, Lux Capital, SV Angel, Village Global, and 16 angel investors.

It is reported that Elektra Labs, which is dedicated to building an information platform for review and distribution linkage, will use this funding to build and improve the infrastructure for the aggregation and auditing of data from wearable devices and biosensors.

Andy Coravos, co-founder and CEO of Elektra Labs, stated: “The FDA’s increasing approval of digital health products, coupled with significant market investment in technology, has accelerated the adoption of internet-based tools in clinical trials and routine medical care, although this practice remains controversial.”

“During my tenure as an entrepreneur in residence at the FDA’s Digital Health Center of Excellence, I clearly recognized that our healthcare system needs infrastructure to review and disseminate relevant technical information, much like pharmacies do for medications,” Coravos continued. “When developers bring wearable technologies to market, they must confront complex issues regarding device data security, accuracy, and bias. With this seed funding round, we are delighted to have the support of various investors to help Elektra achieve its goal of establishing an information review and distribution facility akin to a pharmacy.”

Ambar Bhattacharyya, Managing Director at Maverick Ventures, stated, “We are always on the lookout for disruptive brands and ways to make the world easier to navigate, and Andy and his team have ignited our passion with their vision. As consumer healthcare technology sees accelerated adoption, R&D professionals must grapple with complex issues surrounding data accuracy and bias. We look forward to Elektra Labs leveraging its strengths to improve access to healthcare for all.”

In addition to securing new funding, Elektra has launched a new product called Atlas. This product categorizes biometric monitoring technologies applicable to clinical trials and routine clinical care, and streamlines the evaluation and release process for connected data acquisition tools used in behavioral and physiological measurements.

It is understood that, similar to drug or nutritional product labels, Atlas will release key internet technology labels for its products. The label information will cover multiple aspects, including whether the product has been approved, as well as its availability, usability, safety, and data regulatory compliance. Meanwhile, Atlas will serve pharmaceutical companies, biotechnology firms, and contract research organizations (CROs), acting as a reliable directory of remote monitoring technologies and digital biomarkers for decentralized clinical trials.

Elektra Labs is a medical data security company that establishes review and distribution platforms for connected healthcare technologies, including wearable devices and biosensors. The company was incubated through Harvard Launch Lab X and Plug and Play Accelerators, and its technology has received I-Corps funding from the U.S. National Science Foundation (NSF).

Maverick Capital is a global investment firm that has been investing in early-stage companies for over two decades. The firm invests through an evergreen structure, enabling entrepreneurs to leverage the resources and networks of a multi-billion-dollar institutional fund.

(Compiled by Hu Lushuang)