Element Science, the seven-year-old wearable defibrillator maker, has just closed a massive funding round.
According to a press release, the San Francisco-based wearable developer had just closed a $145.6 million funding round.
The Series C round was led by Deerfield Healthcare and Qiming Venture Partners USA, and was joined in by Cormorant Asset Management and Invus Opportunities. Existing investors Google Ventures and Third Rock Ventures also participated in the round.
The company plans to use the new funds to complete work on the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD), “an unobtrusive, low-profile personal defibrillator designed to detect and treat life-threatening arrhythmias in patients with an elevated temporary risk of Sudden Cardiac Death (SCD).”
“Our next-generation digital wearable is a unique breakthrough in personalized digital healthcare based on years of extensive research and testing. The Jewel platform supports both therapeutic and diagnostic capabilities and is designed for ease of wearability to facilitate high compliance and efficacy,” said Dr. Kumar, Founder, President and CEO. “Given the broad potential for the Jewel platform to save and improve the lives of patients worldwide, we welcome the strong support of this impressive consortium of investors.”
Element Science was founded by cardiac electrophysiologist Uday N. Kumar MD. Dr. Kumar, who serves as faculty at Stanford University’s Byers Center for Biodesign and was a former Entrepreneur-in-Residence at Third Rock Ventures, had led the company ever since.
“Given Dr. Kumar’s background, the Jewel P-WCD was designed with patients and physicians foremost in mind and truly represents a significant advancement in therapeutic digital wearables,” said Neil Exter, Board member, Element Science and Partner, Third Rock Ventures, an initial investor in the company. “We are excited to have this new group of prominent investors join the Company to help ensure this life-saving therapy reaches patients.”
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