Welch Allyn and Cardiac Insight announce strategic collaboration agreement to advance body worn sensing technology
Cardiac Insight, a University of Washington spinoff biotech company that develops advanced body worn sensing and computing technologies for applications in cardiology, respiratory and other complex disease states, announced today that it has completed a $7 million series B financing round that adds Welch Allyn, a leading medical diagnostic device company that delivers pragmatic innovation at the point of care, as a major investor alongside WRF Capital and other private investors. Cardiac Insight plans to use the financing to further develop its body worn sensing and computing technologies, expand clinical research and accelerate sales.
In addition, Cardiac Insight and Welch Allyn announced that the companies have entered into a strategic collaboration agreement. Under the terms of the agreement, Welch Allyn will have exclusive global distribution rights for certain Cardiac Insight products and technologies.
“Cardiac Insight is bringing to market disruptive technologies designed to streamline and simplify diagnostic and monitoring processes for complex disease states like cardiac arrhythmia and obstructive sleep apnea, directly addressing the often slow and costly approaches we see today,” said Welch Allyn president and CEO, Stephen Meyer. “This collaborative opportunity will enable Welch Allyn to provide physicians with smart monitoring solutions and improve patient access to cutting edge diagnostics.”
Cardiac Insight’s technology has the potential to impact the diagnosis of atrial fibrillation (AF). This condition is significantly underdiagnosed and, when left undetected, can lead to significantly increased risks of stroke and cardiovascular disease. The company’s sensor technology aims to streamline the AF detection process for patients and physicians while reducing equipment costs.
“Today’s developments are an important step in the evolution of the company,” said Brad Harlow, CEO, Cardiac Insight. “The combination of Cardiac Insight’s advanced sensing and computing technologies, coupled by backing from our private investors, WRF Capital and Welch Allyn — which includes sales, implementation and support strength — will greatly accelerate the adoption of Cardiac Insight’s technologies around the globe.”