BOSTON--(BUSINESS WIRE)--Elucid, a medical technology company developing AI software to enable cardiovascular disease detection, today announced $8 Million in Series A financing led by MedTex Ventures and Global Health Impact Fund. New and existing investors Checkmate Capital, IAG Capital, BlueStone Venture Partners, University of Michigan - Wolverine Venture Fund, Willamette Valley Capital LLC, and Angel Physicians Fund also participated in the round.
“We are very pleased to welcome our new investors to Elucid at this exciting time for the company. This latest round of financing will enable us to continue advancing our unique technology for non-invasive estimation of cardiovascular event risk, myocardial ischemia, and therapeutic response. This funding is validation of the market need for technology like Elucid’s to enable more accurate diagnosis of cardiovascular disease and patient-specific treatment decisions,” said Blake Richards, CEO of Elucid. “We are also announcing today the addition of Jason Bottiglieri and Murali Ayyapillai to our management team. Their vast experience and expertise in cardiovascular will serve Elucid well as we continue to advance and commercialize our technology.”
Dr. Ashok Gowda, partner at MedTex Ventures, said, "We are excited to be part of Elucid's mission to transform the diagnosis of cardiovascular disease, especially as they begin to realize the significant commercial potential of this platform technology."
“The work the Elucid team is doing has the potential to change the standard of care for cardiac and neurovascular patients, resulting in cost savings and superior outcomes by enabling precision medicine,” said Dr. Orrin Ailloni-Charas, Managing Partner and CEO of Global Health Impact Fund.
Jason Bottiglieri joins Elucid as Chief Commercial Officer. Jason has more than 25 years of experience in the cardiovascular device space, including as CEO of Infraredx and sales leadership positions at Medtronic, Spectranetics, and Cordis, a Cardinal Health Company. Murali Ayyapillai joins as Vice President of Engineering and brings 25 years of imaging R&D experience, most recently as Vice President of iNtuition Development, responsible for TeraRecon's flagship suite of applications. Prior to TeraRecon, Murali was a senior software engineer at Siemens.
“Our team continues to develop our portfolio of products based on the power of our ideas. This latest round of funding enables us to deliver key aspects of our vision,” said Elucid Founder, President, and CTO Andrew Buckler. “Understanding the nature of vascular disease and taking on some of the challenges which have previously held the field back allow Elucid to reduce stressful procedures for patients while simultaneously improving the diagnostic power available to the clinicians seeking to help improve outcomes.”
About Elucid
Elucid is a Boston-based medical technology company using uniquely interpretable and validated AI to provide physicians with a cost-effective means to optimize treatment decisions for patients with known or suspected cardiovascular disease. Advanced clinical insights from ElucidVivo equip physicians with critical information designed to enable precision medicine. ElucidVivo is the first FDA-Cleared and CE-marked non-invasive software to quantify atherosclerotic plaque characteristics compared to histopathology, including Lipid Rich Necrotic Core. The company recently published studies for its derivation of fractional flow reserve (FFRct) based on the vasodilative capacity of the vessel wall and estimation of coding and non-coding RNA transcripts (“Virtual Transcriptomics”). This unique information informs better treatment decisions by physicians leading to better patient outcomes, improved quality of care, and reduced healthcare costs. The ElucidVivo software is available for commercial use in the U.S. and Europe. To learn more visit https://www.elucidbio.com/ and follow us on LinkedIn.
About MedTex Ventures
MedTex is a venture capital firm dedicated to early stage medical technologies. The firm represents a collaboration between a team of experienced investors in the New York metro area and Biotex, Inc., a vertically-integrated medical device development firm based in Houston, TX. Its first venture fund, Biotex Medical Device Fund I, has funded seven innovative medical technologies to date in 2021.
About Global Health Impact Fund:
The Global Health Impact Fund, GHIF, is a clinician-founded and clinician-run strategic venture capital fund investing in early-stage healthcare companies with a focus on companies at the intersection of medicine and technology. GHIF leverages the experience and expertise of its large clinician network to provide meaningful and unique support to its portfolio companies to help them succeed. GHIF I has invested in 10 promising companies to date. Visit the website for more information: https://globalhealthimpactfund.com/
