November 9, 2020
Eko, a cardiopulmonary digital health company, today announced $65 million in Series C funding led by Highland Capital Partners and Questa Capital, with participation from Artis Ventures, DigiTx Partners, NTTVC, 3M Ventures, and other new and existing investors.
Eko notes the new funding will be used to expand in-clinic use of the company’s platform of telehealth and AI algorithms for disease screening, and to launch a monitoring program for cardiopulmonary patients at home.
Eko was founded to improve heart and lung care for patients through the combination of advanced sensors, digital technology, and novel AI algorithms. The company has since reinvented the stethoscope and introduced the first combined handheld digital stethoscope and electrocardiogram (ECG). Eko’s FDA-cleared AI analysis algorithms help detect heart rhythm abnormalities and structural heart disease. Eko seeks to make AI analysis the standard for every physical exam.
This funding comes on the heels of collaborations the company announced this year with AstraZeneca and 3M, as well as the achievement of product milestones including FDA clearance of its AI suite and the launch of its telehealth platform.
As part of the investment, Corey Mulloy and Ryan Drant from Highland Capital Partners and Questa Capital, respectively, will join the Eko board of directors.
“We are thrilled that our new investors have joined our journey and our existing investors have reaffirmed their support for Eko,” said Connor Landgraf, CEO and co-founder at Eko. “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.”
The tidal shift to virtual care is enabling chronic disease patients to access care without the complexities of an in-office visit. Eko wants every patient with chronic cardiopulmonary disease to be one click away from their doctor.
“The massive market need for telehealth is not going away,” said Rob Toews, principal at Highland Capital Partners. “Regulatory and reimbursement changes have been underway to support this growth. Eko is uniquely positioned in this space because their 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.”
“Now more than ever, telehealth is playing a critical role in caring for patients,” said Dr. Ami Bhatt, director of Outpatient and TeleCardiology at Massachusetts General Hospital. “The stethoscope is used in almost every in-person patient exam. But its absence from telehealth leaves us as providers unable to thoroughly examine our patients. Eko closes that gap between virtual and in-person care. With Eko’s AI-powered insights and telehealth, providers are now able to offer care for patients in-clinic and at home, manage disease earlier when the cost is typically lower, and contribute both to higher patient and provider satisfaction.”