Elucid Raises $27 Million Series B Funding Round
Elucid Raises $27 Million Series B Funding Round to Commercialize a New Paradigm in Heart Disease Diagnosis
BOSTON, June 22, 2022 /PRNewswire/ -- Elucid, a company developing a novel, non-invasive medical software to comprehensively characterize cardiovascular disease, announced the closing of a $27 Million Series B financing round. The round was led by an undisclosed strategic investor, with participation from Biovision Ventures, a new Europe-based fund, and existing investors, including MedTex Ventures, IAG Capital, Bold Brain Ventures, and BlueStone Venture Partners.
The Elucid platform is the only FDA-Cleared and CE-Marked software to objectively quantify plaque morphology validated against tissue specimens. Specifically, the exquisite algorithms developed through machine learning characterize tissue types in the artery wall known to cause heart attacks, such as lipid rich necrotic core. The capability to discern complex plaque biology at the cellular and molecular level is powering new applications that can derive fractional flow reserve (FFRct), risk of heart attack/stroke, and expression prediction to inform therapeutic selection. This comprehensive approach enables physicians to diagnose not only the direct cause of chest pain but also to determine if patients have early-stage heart disease which cannot be seen by alternative methods. Elucid uniquely unlocks the power to truly personalize clinical pathways and prevent the debilitating effects of atherosclerosis before they begin.
"Elucid is committed to providing physicians the most rigorously validated diagnostic platform to fight cardiovascular disease. Every patient is different and needs to be treated specific to his or her individual disease," said Blake Richards, Chief Executive Officer of Elucid. "We are so proud of the remarkable work our team has accomplished and this Series B allows us to expand our commercial reach. We warmly welcome our new investors and are grateful to our existing investors for their continued support in achieving our mission."
"Elucid's basis in histopathology is highly differentiated from competitive methods and is paramount to understanding the key drivers of atherosclerosis which cause ischemia and heart attacks," said John Fichthorn of MedTex Ventures. "This company's approach, technology, and team will finally stop heart disease in its tracks."
Elucid is a Boston-based medical technology company using uniquely interpretable and validated AI to provide physicians with a cost-effective means to optimize treatment decisions for patients with cardiovascular disease. Advanced clinical insights from Elucid equip physicians with critical information designed to enable precision medicine. Elucid is the first FDA-Cleared and CE-marked non-invasive software to quantify atherosclerotic plaque characteristics compared to histopathology, including Lipid Rich Necrotic Core. The company has published studies for its derivation of fractional flow reserve (FFRct) based on the vasodilative capacity of the vessel wall and estimation of coding and non-coding RNA transcripts ("Virtual Transcriptomics"). This unique information informs improved treatment decisions by physicians leading to better patient outcomes, improved quality of care, and reduced healthcare costs. The Elucid software is available for commercial use in the U.S., Europe, and South Korea. To learn more visit https://elucid.com/ and follow us on LinkedIn.