Investment will support clinical studies, partnerships, operations, and R&D
NEW YORK, June 27, 2022 /PRNewswire/ -- Cordio Medical, a market-leading medical speech processing platform, announced its latest successful strategic investment round of $18 million from Ceros Financial Services and Peregrine Ventures.
Cordio Medical's HearO® product is a unique disruptive solution that converts a smartphone into a medical-grade device. The smartphone app is backed by sophisticated and proprietary algorithms allowing monitoring and early detection of fluid accumulation related to Congestive Heart Failure (CHF) condition deterioration. After a speech sample is collected from the patient's mobile device, the HearO® cloud-based server analyzes the results. If CHF deterioration is discovered, a healthcare professional immediately notifies the patient with an alert.
Ceros Capital Markets, the investment banking division of Ceros Financial Services that focuses on fundraising for early-stage medical technology companies, and Peregrine Ventures, Israel's first dedicated healthcare fund, led the latest funding to support a clinical validation study, health and academic partnerships, and sales team recruitment. The ongoing retail and distribution (R&D) of current and future versions of HearO® and clinical operations will be in Israel and the EU.
"More than 5.7 million Americans are afflicted with congestive heart failure (CHF), making it one of the most prevalent and costly conditions in the U.S.," said Tamir Tal, CEO of Cordio Medical. "This latest round of funding will allow Cordio Medical to be at the forefront of the MedTech space as the definitive pioneer in leveraging speech processing technologies to monitor CHF. A smartphone running our app for remote monitoring of CHF status will improve patient mortality, quality of life, and contribute to health economic outcomes."
"Pioneering advancements in medical technology have opened the doors to personalized care with revolutionary new monitoring and treatment options. Cordio Medical's technology for an easy-to-use smartphone app takes patient care to a new level by providing what we believe is the first non-invasive medical-grade monitoring device for chronic heart conditions," said Mark Goldwasser, CEO of Ceros Financial Services.
Cordio Medical seeks to go to market in the U.S. in early 2024 with final approval from the FDA.
Eyal Lifschitz, Chairman of Cordio Medical, adds, "HearO® is a digital medical device solution that transforms an off-the-shelf mobile device into a personal and accurate diagnostic tool that will help millions of individuals suffering from CHF across the globe while maintaining a firm business model. It has been an exciting journey with Cordio Medical's fantastic team, and we look forward to the company's continued growth."
Cordio Medical develops and provides groundbreaking solutions for monitoring health conditions through a patient's speech. Cordio Medical's technologies are based on true speech signal processing technology, unique to each patient, augmented with machine learning capabilities. A patient speaks into a smartphone app backed by sophisticated and proprietary algorithms that allow near real-time monitoring and early detection of condition deterioration. The system is patient-tailored, constantly learning the patient's voice, and provides personalized, seamless, and effortless monitoring. Cordio Medical's goal is to identify and mitigate condition worsening by helping physicians prevent patient deterioration and hospitalization while keeping the patient's wellbeing at the core. For more information on Cordio Medical, go to https://www.cordio-med.com.
Ceros Financial Services, Inc. Member FINRA/SIPC (www.cerosfs.com), offers comprehensive asset management and mutual fund suite for financial advisors. Ceros services include RIA custody, hybrid advisors, corporate RIA, mutual fund advisory and distribution, and an outsourced trade desk. In addition, Ceros Capital Markets, a division of Ceros Financial, is a digital and traditional platform for the distribution of primary offerings in medical devices and secondaries in unicorns via Special Purpose Vehicles (SPVs).
Peregrine Ventures, Israel's first dedicated healthcare fund, is committed to improving patients' quality of life by investing in and supporting game-changing healthcare opportunities. As a leading global life science venture capital fund, Peregrine invests throughout a company's life cycle to help facilitate growth and success and offers creative business solutions to suit the needs of its portfolio companies. From seed-stage opportunities to more mature companies, Peregrine's specifically defined funds offer portfolio companies complete, end-to-end investment solutions that have helped bring healthcare innovations to fruition for over 20 years. Peregrine's robust portfolio includes fast-growing global companies, many of them with a valuation of hundreds of millions of dollars in the fields of pharma-oncology, medical devices, implants, and digital health. Peregrine's mature funds maintain their strong position in the upper quartile of the industry's leading benchmarks (Number of exits, DPI, IRR, etc.), including 14 successful exits with an accumulated value of more than USD 2 billion. For more information, please visit www.peregrinevc.com.
SOURCE Cordio Medical