ECG-maker AliveCor pulls in $10.5M

AliveCor's mobile ECG device is compatible with iPhones, iPads and Android-based devices--courtesy of AliveCor

San Francisco's AliveCor has snagged $10.5 million in Series B financing, money it will use to market its mobile ECG device. The company is currently seeking 510(k) clearance for its smartphone-compatible heart monitor.

Burrill & Company and Khosla Ventures led the round, and the latest investments come on the heels of a Series A round led by the Qualcomm Life Fund, bringing AliveCor's total haul to $13.5 million.

The company's device is a mobile ECG that snaps onto the back of smartphones, taking wireless single-lead recordings of heart rhythms, saving readings on the phone and uploading data to a cloud-based server accessible to patients and doctors. The device is compatible with the iPhone, iPad and Android-based devices.

"This funding provides us with the resources to support the global launch of our highly anticipated iOS and Android ECG devices, and to utilize our transformative technology and data to strategically build future devices and services," said Judy Wade, who became AliveCor's CEO earlier this month, in a statement.

In May, the company unveiled trial results demonstrating the accuracy of the device's readings, and, if the ECG gets cleared, AliveCor believes it can spur early detection of arrhythmias.

The company's invention could join a slew of mobile monitoring devices in the near future, as the FCC has cleared spectral bandwidth to support mobile body area network monitors, Band-Aid-sized devices that wirelessly keep tabs on vital signs. Analysts have said that the commercialization of out-of-the-hospital monitoring techs could save patients and payers millions.

- read AliveCor's release