Israeli biomed company raises a mini round to pump their heart ultrasound tech into high gear
Cardiac ultrasound automation software solution DiACardio announced today that they had received an injection of $1.95 million in new funding. The mini round was led by one of China’s leading private equity firms, the Shengjing Group. CE Ventures and AltaIR also took part in the financing, joining with previous investors Agate-Mac Funds and Capital Point Ltd.
Aimed at making ultrasound evaluations faster and more accurate, DiaCardio has developed an automated software product based on image processing technology that uses algorithms to detect maladies in the heart called LVivo.
The product was developed by Dr. Noa Liel-Cohen of Soroka hospital in Be’er Sheva and Dr. Hugo Guterman, a professor of Electrical and Computer Engineering at Ben Gurion University, located across the street from the hospital.
So far, the team has developed two products, the LVivo EF (ejection fraction) which has already received FDA and CE approval, and the LVivo SG (Segmental Evaluation).
The idea for LVivo came when Liel-Cohen saw that doctors were having difficulties reading ultrasound tests from heart exams.
Following the round, DiACardio’s Founder and CEO Hila Goldman-Aslan told the press that, “This investment will enable us to create additional amazing new tools for additional ultrasound markets in need of automation, and to expand our business to strategic new regions. This will help us make our mark on the world, assuring that cardiac patients get the right treatment as quickly as possible.”
Founded in 2006 by Goldman-Aslan, DiaCardio are graduates of Microsoft Ventures Israel Accelerator, based out of Microsoft’s R&D center. Also on the management team are Chairman Arnon Toussia-Cohen and Michal Yaacobi M.Sc., who serves as their Medical Director and was one of the inventors.
Beyond their use by doctors in hospitals, the DiACardio products have the added advantage of being able to produce quick and clear evaluations of a patient’s heart condition with only a few clicks. By removing the need for a trained eye, devices using this technology can be used by technicians in ambulances and in the field. The potential for its use in refugee and otherwise cut off situations could be very significant moving forward, saving time and bringing important patient care to many.
Still early in their commercial stage, the company has already reported sales in the US.
In recent years, there has been an uptick in interest from China for Israeli medical technology, highlighting it as one of the areas that has received significant attention from investors in the East.
Key examples of this growth over the past year can be seen in the $27 million raised in LifeBond’s Series D with participation from Sino Biopharmaceuticals, Rainbow Medical’s $25 million from Chinese investorsPing An, Yongjin, ZTE, and various VCs, as well as Medical Surgery Technologies Ltd’s $12.5 million in June by Haisco Pharmaceutical Group.
Featured image: CEO and Founder Hila Goldman-Aslan Image Credit: PR / DIACardio