AliveCor Secures $20 Million Senior Secured Loan to Expand Clinical-Grade ECG Monitoring Solutions

VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that smart ECG company AliveCor announced on January 28, 2019 (local time) that it had secured a $20 million loan from Oxford Finance. This senior secured loan will serve as working capital for AliveCor to support technology R&D and product promotion.

AliveCor, founded in 2010, is a startup in the medical device sector. The company is dedicated to researching mobile cardiac solutions and pioneered the launch of KardiaMobile, a “machine learning”-enabled device. As an FDA-cleared, clinical-grade personal ECG (electrocardiogram) monitor, it is the most clinically validated mobile ECG solution on the market. KardiaMobile transforms any smartphone into an ECG recorder with professional medical device quality, enabling users to capture medical-grade ECGs within 30 seconds anytime and anywhere to assess whether their heart rhythm is normal, and to email the ECG results to themselves or their physicians.

Oxford Finance Corporation is a specialized financial services firm founded in 2002 and headquartered in Alexandria, Virginia, USA. The company primarily provides capital solutions to life sciences companies, including flexible financing options and resource-matching transactions. In recent years, Oxford Finance Corporation has originated over $5 billion in loans, with individual credit facilities ranging from $5 million to $150 million.

According to public information on the AliveCor website, KardiaMobile is the most frequently used mobile ECG product by consumers on the market. Due to its portability and professional-grade performance, KardiaMobile has gained recognition from many medical experts worldwide and is employed by healthcare institutions as an adjunct tool for cardiac care. AliveCor states that by using KardiaMobile and KardiaBand in conjunction with the Kardia app, users can determine whether they have atrial fibrillation based on ECG readings.

“Atrial fibrillation is the most common cardiac arrhythmia, increasing patients’ risk of stroke by fivefold. AliveCor has developed low-cost, handheld, and wrist-worn electrocardiogram (ECG) devices capable of detecting heart health conditions with clinical-grade accuracy anytime and anywhere, with the entire testing process taking only 30 seconds,” stated Christopher, Senior Managing Director at Oxford Finance Corporation, in an interview with the media. “We are delighted to partner with AliveCor to help support their growth, innovation, and expansion, aiming to achieve greater advancements in the field of cardiac health monitoring.”

(Compiled by Hu Xuan)