Want to know what's happening next in healthcare?

MedCityNews is the leading online news source for the business of innovation in healthcare.


“MedCity news is a peerless national resource for those of us who really want to stay on top the very latest news in healthcare from incumbents to startups. ”

Elliot Menschik, DreamIt Ventures partner; Venturef0rth founder; Penn professor


Sign up for our daily newsletter


Poised for more growth, Cleveland HeartLab adds $14.7 million and a new investor

10:38 am by | 0 Comments

Biomarker testing firm Cleveland HeartLab is still growing fast, and it doesn’t plan on slowing down anytime soon. The three-year-old startup has just tacked an additional $14.7 million in fresh capital onto the $18.4 million series B round it raised last summer.

This time the investment was led by local Cleveland VC firm Mutual Capital Partners Funds, which scored big in August with the $135 million sale of portfolio company OrthoHelix to Minnesota medical device maker Tornier. HeartLab CEO Jake Orville said existing investors also participated, including Cleveland Clinic and Boston VC firms Excel Venture Management and HealthCare Ventures.

Cleveland HeartLab offers a panel of blood tests designed to detect signs of inflammation in the arteries. Physicians send patients’ blood samples to the lab and can use the results in conjunction with cholesterol screening to assess whether a patient is at high risk for heart attack or stroke.

Advertisement

With the fresh capital, the budding startup will continue to fund ongoing operations, grow its sales and marketing efforts and move forward on new products. Orville said the company is looking at new geographic locations for its sales team and planning to move into the health and wellness market as well as continue growing in the chronic disease market.

“We also have some very valuable, novel technology that we will continue to push forward as well as begin to in-license from other leading academic centers,” Orville said.

In the past year, the Cleveland Clinic startup has moved into a new, 30,000-square-foot space in midtown, added several executives to its management team and accepted the Ohio Venture Association’s venture of the year award.

Copyright 2014 MedCity News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Deanna Pogorelc

By Deanna Pogorelc MedCity News

Deanna Pogorelc is a Cleveland-based reporter who writes obsessively about life science startups across the country, looking to technology transfer offices, startup incubators and investment funds to see what’s next in healthcare. She has a bachelor’s degree in journalism from Ball State University and previously covered business and education for a northeast Indiana newspaper.
More posts by Author

0 comments