Element Science, a San Francisco, CA-based a medical device and digital health company focused on developing solutions at the intersection of clinical-grade wearables, machine learning algorithms, and lifesaving therapies in order to address leading causes of death and hospitalization in patients with heart disease, primarily as they transition from the hospital-to-home, raised $145.6m in Series C financing.
The round was led by Deerfield Healthcare and Qiming Venture Partners USA, with participation from Cormorant Asset Management and Invus Opportunities, and existing investors Third Rock Ventures and Google Ventures.
The new funds will enable completion of clinical studies through commercial launch of the company’s initial product, the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD) and develop a family of digital wearables based on the modular Jewel platform, including solutions that address related unmet needs such as the treatment of SCD in inpatient settings as well as the diagnosis of heart failure exacerbations in recently discharged patients.
Element Science is finalizing the development of the Jewel Patch Wearable Cardioverter Defibrillator (P-WCD), which 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), a condition for which more than 500,000 patients in the US are at risk every year.
The Jewel P-WCD is the first product to be built on Element’s novel Jewel platform, which unites patient-centric human factor engineering and machine learning algorithm development principles upon a foundation of rigorous electromechanical medical device development standards.
The company has always been led by Uday N. Kumar, MD, a cardiac electrophysiologist, who serves as faculty at Stanford University’s Byers Center for Biodesign and was a former Entrepreneur-in-Residence at Third Rock Ventures as well as the Founder of iRhythm Technologies (NASDAQ: IRTC), a digital healthcare company pioneering the use of wearables in cardiac rhythm monitoring.