$80 Million Funding Raised for New AI Cardiovascular Tool ‘Elucid’

by | Nov 21, 2023 | Healthcare Industry News

Elucid is a Boston-based medical technology company who have recently secured an $80 million Series C fundraising, pushing its total funding to $121 million. This financial fundraising, led by Elevage Medical Technologies, shows the perceived strength in Elucid’s innovative approach to cardiovascular healthcare. This round of funding contains contributions from a mix of industry strategics and existing investors, reflecting a diverse range of support for Elucid’s mission.

Elucid’s tool for cardiovascular diagnostics is precise at non-invasively characterizing arterial plaque from CT angiography images, offering a development over traditional methods of plaque assessment. By producing a detailed three-dimensional view of arteries and using algorithms to quantify vessel structure and plaque composition, Elucid’s technology bringss extra precision and objectivity to cardiovascular health assessments. This method’s reliability is also due to its validation against thousands of tissue samples, making it a trusted tool in predicting risks related to heart attacks and strokes. The company is quickly expanding the scope of its technology. One of its endeavors is to extend its software’s application to measure fractional flow reserve. This expansion shows Elucid’s commitment to innovation, and its dedication to reinforcing the impact of its technology in cardiovascular diagnostics. The investment by Elevage Medical Technologies, a venture launched by Silicon Valley’s Patient Square Capital in May 2023, is the largest of the investments. Elevage, which set aside $300 million for new business ventures, chose to lead this funding round, signaling a strong belief in the potential of Elucid’s AI-powered cardiovascular software. This financial backing is imperative for Elucid for the continued development of its diagnostic tools, and the expansion of its commercial reach and global impact on patient care in the field of heart disease.

With the $80 million from the Series C round, Elucid may also enhance its existing AI-powered diagnostic tool, PlaqueIQ. This software, already FDA-cleared for its precision in characterizing arterial plaques, is set for further advancements. The new funding will facilitate the improvment of PlaqueIQ’s algorithms, improving its accuracy in detecting strokes and heart attacks. The investment enables Elucid to pursue its goal of expanding the software’s application to measure fractional flow reserve (FFRCT), a big factor in assessing coronary blockages and ischemia. . The development of FFRCT measurement capabilities could potentially transform how coronary diseases are diagnosed and managed, offering clinicians a non-invasive method for evaluating coronary artery blockages. The company’s ongoing efforts to enhance its technology, and with its expanding capabilities in cardiovascular health assessment, are majorly important in the transformation of healthcare diagnostics.

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