CardioInsight raises $5.7M for heart-mapping technology

CardioInsight logoCLEVELAND, Ohio — CardioInsight Technologies Inc. has raised $5.7 million in an ongoing funding round to help commercialize its heart-mapping technology, according to a regulatory filing.

The Cleveland company’selectrocardiographic mapping technology generates a detailed, 3-D image of a heart’s electrical activity with noninvasive sensors.

Once commercialized, the technology — a blanket-like array of sensors and software to collect data from the array, analyze it and produce an image –could help diagnose and treat electrical abnormalities of the heart, such as heart failure and arrhythmia.

CardioInsight got its start in 2006with$750,000 in funding from Draper Triangle Ventures, the Pittsburgh office of Midwestern venture capital fundDraper Fisher Jurvetson,JumpStart Inc., the nonprofit venture development organization in Cleveland and thetechnology transfer office of Case Western Reserve University, also in Cleveland.

The company alsoreceivedabout $350,000 in 2008from the Global Cardiovascular Innovation Center, a consortium led by the Cleveland Clinic.Draper Triangle was lured to Ohio through a $6 million investment from theOhioCapital Fund.

Both the cardiovascular innovation center and capital fund get moneyfrom the Ohio Third Frontier project, which claims CardioInsight as a success story (pdf).

CardioInsight is led by Steven G. Arless,chairman and chief executive, who is a 35-year veteran ofmedical devicedevelopment, marketing and sales.He was president ofLondon-based medical technology developer Smith & Nephew Inc. for five years, spending a total of 17 years at that company.

Arless said his company hopes to raise more money during its funding round. He declined to talk about how the money will be used until the round is closed.

The company’stechnology springs from research conducted over the past two decades by former Caseresearcher Yoram Rudy. The university spun out the technologyto CardioInsight in 2006, where Charu Ramanathan and Ping Jia — two of Rudy’s former doctoral students, now biomedicalengineers– initially developed and tested it.

Ramanathan is CardioInsight’s vice president of business and clinical development. The company employs14 people,including contractors and researchers,CardioInsight spokeswomanNorma Simione told hiVelocity,Ohio’s economic developmente-magazine, in November.

Its technology has been evaluatedin animal studies and more than 75 human studies, Simione told hiVelocity.

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[...] ♦   CardioInsight Technologies Inc. in Cleveland, Ohio, has raised $5.7 million in an ongoing funding round to help commercialize its heart-mapping [...]

Comment by Health care reform fuels Ohio, Minnesota lobbying — MedCity Weekend Rounds : MedCity News — March 6, 2010 @ 6:07 p.m. 3:01 pm

[...] addition, Ohio Third Frontier-backed projects like the Ohio Capital Fund have attracted health care venture capital firms to Ohio and invested in companies here, Ireland [...]

Comment by Health care companies grab 2 of 3 VC dollars in Northeast Ohio : MedCity News — March 6, 2010 @ 6:07 p.m. 1:17 am

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