HeartFlow raises $240M to push coronary disease test

HeartFlow has closed a $240 million series E round. The financing equips HeartFlow to accelerate the commercialization of its algorithmic, noninvasive test of coronary heart disease while rolling out new clinical studies.

Redwood City, California-based HeartFlow is building its business around HeartFlow FFRct Analysis, software that creates 3D models of coronary arteries from cardiac CT scans. The models provide insights into the extent of coronary artery disease and how it is affecting the flow of blood to the heart. Armed with this knowledge, doctors can design treatment plans without performing invasive procedures. 

The potential for the approach to improve the care of the many millions of patients who suffer from coronary disease has enabled HeartFlow to pull off another big round. Wellington Management and Baillie Gifford led the series E with the support of existing investors. The round brings the total raised by HeartFlow to date up toward the $500 million mark and, according to The Wall Street Journal, gives it a valuation of $1.5 billion.

“This financing will enable us to drive commercial success of the HeartFlow Analysis, which is poised to become the global standard of care in the diagnosis of coronary artery disease,” HeartFlow CEO John Stevens, M.D., said in a statement. “Given our recent momentum with clinicians, the Centers for Medicare & Medicaid Services, commercial payers and strategic collaborators, we are well positioned for growth.”

HeartFlow picked up a CE mark for its software in 2011, but its business has really taken off over the past few years. In 2014, HeartFlow raised more than $100 million and picked up an FDA clearance. Another $100 million round followed in 2016. HeartFlow continued its rise last year by teaming up with Phillips, securing the support of the United Kingdom’s cost watchdog for its test and bagging reimbursement for hospitals enrolled in Medicare.