This morning, digital cardiopulmonary health startup Eko pulled back the curtain on $65 million in new funding. The Series C raise was headed by Capital Partners and Questa Capital, and also saw participation from Artis Ventures, DigiTx Partners, NTTVC, 3M Ventures and other investors.
WHAT IT DOES
Based in Oakland, California, Eko is known for combining ECG-enabled digital stethoscope devices with monitoring and analysis algorithms. These tools are designed to help providers detect heart rhythm abnormalities and a range of other heart diseases, and to support the company's recently launched telehealth platform.
Within the past few months, Eko has announced collaborations with AstraZeneca, to develop early detection and screening digital tools, and with 3M Littmann Stethoscopes to launch a new line of analog/digital hybrid stethoscopes. The company now boasts a lifetime capital raise of more than $90 million.
WHAT IT'S FOR
Eko said in the announcement that these funds would help the company expand use of its telehealth and screening algorithm within the clinic, and also support the launch of an at-home cardiopulmonary monitoring program.
“We are thrilled that our new investors have joined our journey and our existing investors have reaffirmed their support for Eko,” Connor Landgraf, CEO and cofounder of Eko, said in a statement. “The explosion in demand for virtual cardiac and pulmonary care has driven Eko’s rapid expansion at thousands of hospitals and healthcare facilities, and we are excited for how this funding will accelerate the growth of our cardiopulmonary platform.”
MARKET SNAPSHOT
Eko's offerings are just one segment of the digital health industry focusing on cardiovascular disease screening and monitoring. In the ECG realm, a market dominated by adhesive patches or other mobile-connected devices designed for provider use have been met by a growing number of consumer wearables featuring ECGs and other sensors as built-in features. The Apple Watch has been leading this charge since late 2018, but the past couple of years have seen similar features come to devices from Samsung, Fitbit and Withings as well.
ON THE RECORD
“The massive market need for telehealth is not going away,” Rob Toews, principal at Highland Capital Partners, said in a statement. “Regulatory and reimbursement changes have been underway to support this growth. Eko is uniquely positioned in this space because [its] technology addresses crucial clinical needs that other companies cannot satisfy, and Eko’s platform is very easy to deploy and scale. We are excited to partner with Eko in this next phase of their growth.”
