GE Healthcare has entered an alliance with CardioDx to co-develop diagnostic technologies to improve the care and management of patients with cardiovascular disease.
Building on the alliance, the GE Healthymagination Fund, a new equity fund that makes investments in highly promising healthcare technology companies, has invested $5 million in CardioDx as part of a Series D round that the fund is leading. The fund is part of GE's $6 billion Healthymagination initiative, a global commitment to deliver better healthcare to more people at lower cost. The $250 million Healthymagination Fund targets three areas for investment: health IT, broad-based diagnosics like imaging and patient monitoring, and life sciences, which includes tools for R&D in biopharmaceuticals and stem cells.
"The alliance with CardioDx gives us access to new and exciting technologies in high-value diagnostics, which will complement and strengthen our existing offerings," Pascale Witz, president and CEO of GE Healthcare's Medical Diagnostics business, says in a statement. "We have a shared vision of the future of healthcare--where innovation can help create greater healthcare efficiencies, reduce the need for unnecessary tests, and enable physicians to tailor care to the individual," adds David Levison, CardioDx's president and CEO.
Other financial terms were not disclosed.
CardioDx, which was founded in 2004, is a cardiovascular genomic diagnostics company located in Palo Alto, CA. The company is privately held and funded by Kleiner, Perkins, Caufield & Byers, TPG Biotech, Mohr Davidow Ventures, Intel Capital, Pappas Ventures, DAG Ventures and Asset Management Company. CardioDx's Corus CAD is a non-invasive genomic test that uses such data as gene expression levels and other patient characteristics to assess the likelihood that a patient has obstructive coronary artery disease. It uses a blood test to quantify the likelihood of CAD, helping cardiologists decide how best to diagnose and treat their patients.
- check out the joint release on the deal