Element Science, a San Francisco-based startup developing a wearable personal defibrillator, has raised $145.6m through a Series C funding round to boost its next-generation digital wearable platform. The funding round was led by Deerfield Healthcare and Qiming Venture Partners USA. It also included new backers Cormorant Asset Management and Invus Opportunities, as well as prior supporters Third Rock Ventures and Google Ventures.
The company said it will use the money towards clinical studies and the commercial launch of the company’s first product, the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD).
“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,” said Uday Kumar, Founded, President and CEO of Element Science. “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,” added Kumar, who also founded iRhythm Technologies.
Element Science is currently conducting clinical testing on its main product, the Jewel P-WCD. The product detects and treats severe arrhythmias in patients with an increased temporary risk of Sudden Cardiac Death (SCD).
SCD is an unexpected death due to cardiac causes that occurs in a short time period in a person with known or unknown cardiac disease. It is estimated that more than 300,000 lives per year are lost to SCD in the United States.
The Jewel P-WCD is discreet and unobtrusive. It uses machine learning algorithms to detect and treat lethal heart rhythms that can lead to sudden cardiac death, reports MobiHealthNews.
“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” Dr. Andrew ElBardissi, partner at Deerfield Management, said in a statement.