Elucid announced today that it raised $80 million in a Series C funding round to support its AI-powered imaging analysis software.
Boston-based Elucid says the funding could help to expand its commercialization efforts. With a $27 million Series B raised last year, the company has now raised $121 million in total since inception. Elevage Medical technologies led the latest round as industry strategists and existing investors also participated.
Elucid designed its FDA-cleared and CE-marked software platform to objectively quantify plaque morphology validated against tissue specimens. It developed its algorithms through machine learning. They can characterize tissue types in the artery wall known to cause heart attacks, such as lipid-rich necrotic core.
The platform’s capability to discern complex plaque biology at the cellular and molecular level powers new applications. It can determine the risk of heart attack/stroke, and expression prediction to inform therapeutic selection. Elucid said its approach allows physicians to diagnose the direct cause of chest pain. It also enables them to determine if patients have early-stage heart disease not visible through alternative methods.
Elucid said its platform “unlocks the power” to personalize clinical pathways and prevent the effects of atherosclerosis before they begin. The company also seeks an indication for measuring fractional flow reserve (FFRct).
“This Series C round underscores the importance of Elucid’s mission to optimize the diagnosis and treatment of patients with cardiovascular disease to improve global care and outcomes,” said Elucid CEO Blake Richards. “Our partnership with Dr. Melrose and the Elevage team will accelerate our goal to deliver unprecedented precision healthcare to reduce heart attack and stroke deaths.”