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.
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.