Singaporean medtech startup eko.ai has raised US$4 million in its very first funding round, co-led by early-stage VC firms Sequoia India and EDBI.
Partech Ventures, SGInnovate and Startup Health were also some of the investors who participated in this round.
The funds will be used to grow the company’s development team and accelerate commercial operations in the US and Europe as stated in the press release statement.
“With this funding, we can further develop our innovative solutions with the ultimate goal of democratizing echocardiography – the safest and most commonly used tool to image the heart,” said Dr Carolyn Lam, co-founder of eko.ai.
Eko.ai is a healthcare company which integrates Machine Learning into its software to predict and treat early-stage heart diseases. The platform provides tools to improve cardiovascular research and lowers the speed of clinical trials bringing it down to seconds, using ultrasound waves.
Potential applications of the eko.ai platform and tools range from expanding the use of echocardiography in clinical care to improving the performance of cardiovascular clinical trials, especially for the early detection and prediction of heart disease.
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The company has already teamed up with AstraZeneca, Brigham and Women’s Hospital, Samsung Medical Center’s Heart, Vascular and Stroke Institute, and the University of Alberta for commercial and academic research.
“Our ultimate goal is to put heart health screening into everyone’s hands. Cardiovascular disease remains the top cause of death for men and women globally and we’re excited to help address this global health issue in a meaningful way,” Lam added
Founded in August 2017, co-founders Dr Lam and Dr Yoran Hummel were both in the medical field prior to starting up the company, where Dr Lam happened to be a senior consultant cardiologist at the National Heart Centre Singapore and Dr Hummel, general manager of the Groningen Imaging Core Laboratory of the University Medical Center Groningen, whereas James Hare has been a serial entrepreneur, investor and co-founder of a travel company eDreams.
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Both the investors are active in the startup ecosystem with Sequoia Capital India, having over US$4 billion in assets according to Crunchbase and EDBI a Singapore-based global investor, making over 100 investments with an estimated annual revenue of US$15.3M.
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Image Credit: eko.ai
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