Devices & Diagnostics

Cardiac mapping company raising funds after European launch

Fresh off the first-ever regulatory approval of one of its products, cardiac mapping company CardioInsight Technologies is on the fundraising trail. The Cleveland-based company recently filed regulatory documents, with one indicating it’s raised $1.6 million in convertible debt from 14 investors since May. Another filing shows that the company has raised $7.5 million in equity […]

Fresh off the first-ever regulatory approval of one of its products, cardiac mapping company CardioInsight Technologies is on the fundraising trail.

The Cleveland-based company recently filed regulatory documents, with one indicating it’s raised $1.6 million in convertible debt from 14 investors since May. Another filing shows that the company has raised $7.5 million in equity since January 2010.

CardioInsight CEO Steve Arless and a representative of Draper Triangle Ventures, one of the company’s major investors, didn’t return calls last week or this week.

CardioInsight’s ECVUE electrocardiographic mapping system gathers electrical information about the heart from an electrode vest placed on a patient’s body and combines that information with images from a CT scan to produce 3-D maps of the electrical activity of the heart. Unlike conventional methods, CardioInsight’s technology is noninvasive and provides beat-by-beat, whole-heart mapping.

The technology — a sensor array and software to collect, analyze and combine its data with the CT image — is used to help diagnose and treat electrical abnormalities of the heart, such as those associated with arrhythmia and heart failure.

Late last month, CardioInsight announced that it had received the CE Mark, which signifies regulatory approval to begin selling the product in the European Union. The company also said it had secured its first three customers — one each in England, France and Germany.

CardioInsight said in January 2011 that it had raised a total of $10 million in funding in the prior year. Aside from Draper, CardioInsight’s other investors include JumpStart, the nonprofit venture development organization in Cleveland, and the technology transfer office of Case Western Reserve University.

Below, cofounder and vice president of scientific affairs Charu Ramanathan discusses CardioInsight’s technology.