Seattle, WA (April 16, 2019) —
Bardy Diagnostics, Inc., ("BardyDx"), a leading provider of ambulatory cardiac monitoring technologies and custom data solutions, announced today it has raised $35.5 million in Series B funding, led by River Cities Capital Funds with participation from new investors HealthQuest Capital, Aperture Venture Partners, Aphelion Capital, Lumira Ventures, and Rex Health Ventures. Existing equity investors, SV Health Investors, Health Enterprise Partners, and Ascension Ventures also joined the round. The funds will be used to further accelerate growth of its innovative P-wave focused cardiac monitoring platform through expansion of BardyDx's sales force and monitoring services, and to support advanced development programs, including augmented intelligence and visualization technologies.
"The caliber of our new investors in addition to our exceptional existing syndicate of financiers underscores the exciting opportunity before us," said Gust H. Bardy, MD, Founder and Chief Executive Officer of BardyDx. "With these funds, we will grow our business by refining and expanding our primary goal of revealing to patients, and their physicians, the full complexity and meaning of their cardiac rhythm."
BardyDx's Carnation Ambulatory Monitor ("CAM™") is the industry's only P-wave centric™ ambulatory cardiac patch monitor and arrhythmia detection device. The genesis of the CAM is a result of Dr. Bardy's frustrations with the fundamental flaws rooted in the development and evolution of cardiac monitoring.
"For nearly 60 years, standard ECG engineering practices have over-processed the heart's electrical message to make machines' 'lives' easier at the expense of losing details in the ECG," added Dr. Bardy. "In essence, such legacy engineering doesn't listen to what the heart is trying to tell us but rather tells the heart what we are willing to hear. At BardyDx, our pioneering technology focuses on revealing the cardiac rhythm message fully, and in so doing, allows for precise and meaningful patient management predicated on cardiac truth."
BardyDx's footprint within the cardiac monitoring industry continues to expand with growing recognition of the innovative P-wave centric technology. The company was recently selected winner of the Impact Pediatric Health Competition at SXSW, Children's National Health System Pediatric Medical Device Innovation Competition, and 2018 Fierce Innovation Life Sciences Award for Medical Device Innovation. "Our Series B capital will continue to fuel the technological innovation that Dr. Bardy has always insisted on and for which BardyDx has come to be known," said Mark Handfelt, BardyDx's Chief Operating Officer.
BardyDx also announced that Rik Vandevenne, Managing Director of River Cities Capital Funds, and Garheng Kong, Managing Director of HealthQuest Capital, will join the company's board of directors.
"It's not every day you have the opportunity to partner with such a groundbreaking serial entrepreneur and innovator as Dr. Gust Bardy and the team at BardyDx," said Vandevenne. "The company has a clear focus on putting the patient first and they have developed a clinically-superior ECG platform that is revolutionizing heart monitoring. We are excited for the opportunity to help further drive growth for the company while positively impacting the lives of thousands of people every week."
About Bardy Diagnostics
Bardy Diagnostics, Inc. is an innovator in digital health and remote patient monitoring, with a focus on providing the most diagnostically-accurate and patient-friendly cardiac patch and other monitors to the industry. The company's CAM patch is a non-invasive, P-wave centric™ ambulatory cardiac monitor and arrhythmia detection device that is designed to improve patient compliance for adults and children weighing more than 10kg (22lbs) through its lifestyle-enabling design. Designed to be worn comfortably and discreetly, the female-friendly, hourglass-shaped CAM patch is placed on the center of the chest, directly over the heart for optimum ECG signal collection. The proprietary technology of the CAM patch provides optimal detection and clear recording of the often difficult-to-detect P-wave, the signal of the ECG waveform that is essential for accurate arrhythmia diagnosis. For more information, please visit www.bardydx.com
About River Cities Capital Funds
River Cities is a growth equity firm investing in high-potential healthcare and information technology companies. A consistent, cohesive team has honed its strategy over six funds with compelling performance. River Cities seeks to be a business partner first and a capital provider second, investing significant human capital to leverage its domain expertise and a network of thought leaders assembled over the last 25 years. With $750 million of capital raised and a consistent track record of success, River Cities has established itself as a preferred source of growth capital. The firm, located in Cincinnati, OH and Raleigh, NC, is actively seeking new investments for its Fund VI. For more information, please visit www.rccf.com