Funding Round to Fuel New Musculoskeletal and Neural Products, Expand Internationally, and Deepen Strategic Alliances with the World’s Leading Cardiology Centers
Los Altos, California—HeartVista, a pioneer in AI-assisted MRI solutions, today announced the closing of a $8.65M Series A financing round. The round was led by Khosla Ventures, Jeff Rothschild, Leslie Ventures, Open Field Capital, and additional investors. Combined with several grants from the National Institutes of Health (NIH), this latest raise brings the company’s total funding to $16.35 million.
The additional capital will go towards building AI-guided musculoskeletal and neural packages, expanding HeartVista’s sales, marketing and regulatory operations worldwide, deepening strategic partnerships with the world’s most renowned cardiology centers, and enhancing its core One-Click™ Cardiac Package.
The new funding will also enable HeartVista to offer free usage of its software for the duration of the COVID-19 pandemic. Hospitals in dire need of operational efficiencies and increased capacity will be able to scan more patients with fewer technicians, freeing up scarce resources. Additionally, the company will offer free remote cardiac scanning services to providers who lack the staff to run the MRI machines.
“We’re excited to attract such a strong group of investors, led by Khosla Ventures,” said Itamar Kandel, CEO of HeartVista. “The new funds will bring us closer to realizing our vision of making MRIs affordable, widely available, and highly consistent, ushering in the age of MRI for all,” he added.
The last year was an inflection point for HeartVista, which was full of significant milestones as the company received its fifth FDA 510(k) clearance for its AI-assisted One Click™ Cardiac Package, appointed Itamar Kandel as CEO, formed its Medical and Scientific Advisory Board, and expanded its Board of Directors to include Mark Leslie, former Chairman and CEO of VERITAS Software.
“We are big believers in AI when applied to imaging and HeartVista is a thought leader in this area,” said Vinod Khosla, Founder of Khosla Ventures. “Their very pragmatic solution increases access to MRI imaging.”
“There is no doubt that the future of medical imaging lies in the autonomous control of these modalities,” said Mark Leslie, managing director of Leslie Ventures, and board member at HeartVista. “Leveraging a unique business model that is vertically integrated in the healthcare sector, HeartVista is poised to corner this new gigantic market,” he added.
About One Click MRI Solution
Despite the many advantages of manual cardiac MRI, its use has been largely limited due to a lack of trained technologists, high costs, long scan time, and complexity of use. HeartVista’s software solves these issues by using AI-assisted software to prescribe the standard cardiac views with just one click, and in as few as 10 seconds, while the patient breathes freely. The software also leverages a novel neural network that helps detect artifacts on scans and alerts physicians when the image quality is below the acceptable threshold.
HeartVista believes in leveraging artificial intelligence to improve access to MRI and improve patient outcomes. The company’s One Click™ software platform enables real-time MRI for a variety of clinical and research applications. Its AI-driven, one-click cardiac localization method received first place honors at the International Society for Magnetic Resonance in Medicine’s Machine Learning Workshop in 2018. The company’s innovative technology originated at the Stanford Magnetic Resonance Systems Research Laboratory. HeartVista is funded by Khosla Ventures, and the National Institute of Health’s Small Business Innovation Research program.
For more information, visit www.heartvista.ai.