This Chicago startup is raising big money to keep a pulse on your blood pressure.
Endotronix, a Woodridge-based maker of cloud-enabled tools that help patients with advanced heart failure, announced on Monday it has raised $12 million in debt financing from Silicon Valley Bank.
The company raised a $32 million Series C round last July. That round was raised to fund a safety and feasibility study for its implantable, cloud-connected sensor for heart patients, and to help Endotronix commercialize its cloud-based software solution that lets healthcare providers monitor patients’ conditions after they leave the hospital.
"This financing builds on our recent Series C round and we are thrilled to be working with the SVB team," said CEO Harry Rowland in a statement. "We look forward to advancing our clinical program with proactive heart failure management that simplifies at-home care and improves patient outcomes."
Endotronix aims to improve patient care and reduce the cost of treating patients with heart failure by giving doctors a heads up about changes in blood pressure as soon as they arise. In a release issued at the time of its Series C, the company cited a 2011 study that found a significant reduction in hospitalizations from heart failure after adopting such real-time monitoring technologies. Heart failure is the leading cause of hospitalization for Americans over 65.
The company’s investors include Aperture Venture Partners, Lumira Capital, OSF Ventures, BioVentures, SV Life Sciences and an unnamed “corporate strategic investor.”
Endotronix’s hardware and software components are known collectively as the Cordella Heart Failure System.
"We're pleased to partner with Endotronix as they advance their end-to-end patient management solution for chronic heart failure," said Tom Hertzberg, director of Life Science and Healthcare at Silicon Valley Bank, in a statement. "We believe the patient-centered Cordella System can help streamline care and improve outcomes while decreasing healthcare costs. We look forward to being a part of Endotronix's future success."
The round brings Chicago tech’s total fundraising in the first half of January to more than $72 million.
Images via Endotronix.
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