Update A healthcare startup that wants to improve outcomes for people at risk for developing heart disease has raised $5.8 million. The company’s solution involves calculating each individual’s risk of heart disease using a series of algorithms based on biomonitors in the blood and noninvasive diagnostic tests has raised $5.85 million, according to a Form D filing with the US Securities and Exchange Commission.
In an emailed statement Jamie Richter, who is now the president and CEO of CardioVIP where before he was corporate vice president, said the investment would be used to help the company expand in Texas and beyond.
The lead investor in the Series B round was CMS Companies’ private equity fund — a Wynnewood, Pennsylvania-based business. Its CEO Bill Landman joined the board of directors, underscoring the company’s ties to the Philadelphia area.
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Last year when Richter presented before the Villanova Entrepreneurs Network he said a near term goal would be to expand the Houston, Texas business to the Philadelphia region.
CardioVIP has been working with Cleveland HeartLab to analyze data produced by diagnostic tests, understand a patient’ disease risk and produce tailored treatment plans to patients’ primary care physicians.
The assessment produces a set of treatment plan considerations, which the physician converts into a personalized treatment plan for the patient. It also uses Web-based health coaches or “iCoaches” that help patients follow a treatment health plan to improve outcomes and engage patients and provide continuity of care.
The funding will also help advance the development of the iCoaching program and enhance the proprietary clinical algorithms built into the electronic medical communication system, according to the email.
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Heart disease is the leading cause of death for men and women with 600,000 deaths from the disease each year and medical costs of $109 billion for coronary heart disease alone, according to the Centers for Disease Control’s website. But a significant number of people also have risk factors like high blood pressure, cholesterol and smoking.
Richter is also a co-founder and principal with Jericho Equity Partners.