ilumivu Announces Acquisition of Cardiogram and Series A Investment Round to Accelerate Personalized Decision Support Solutions for Healthcare
The acquisition and funding will support commercialization of the company's personalized decision support solutions to serve millions of seniors and their caregivers via mobile applications, with a special focus on Medicare Advantage
ilumivu, Inc., a pioneer in predictive and personalized healthcare intervention software utilized at university hospitals and healthcare research organizations worldwide, announced that it has completed its acquisition of Cardiogram, Inc., whose mobile app is a leader in continuous cardiovascular monitoring using wearable devices.
In support of the acquisition and the improved opportunity to commercialize the company's personalized decision support solutions, ilumivu also closed a Series A funding round with Health Catalyst Capital, L.P.
Asheville, NC based ilumivu will use the acquisition and investment to grow its personalized decision support solutions. ilumivu expects growth to include scaling its existing operations as market adoption increases and expanding through new solution offerings. Founded in 2009, ilumivu supports healthcare research via its digital health SaaS software to monitor patients with multiple health conditions. ilumivu's digital health platform has been used to monitor numerous diseases and conditions including autism, Alzheimer's, heart/blood pressure/strokes and cardiovascular diseases, cancer, chronic lung disease including COPD, dementia, epilepsy, mental and behavioral issues, traumatic brain injury, suicidal tendency, and trauma/PTSD.
"Healthcare research institutions have historically chosen our platform because of its deep integration with smartphones and wearables, our granular real-time data collection, personalized dynamic baselines, just-in-time adaptive interventions using AI, advanced algorithms, and clinically proven protocols," states Sandeep Goel, Chief Executive Officer.
"The platform has been used to remotely increase adherence, impact positive behavior changes, and provide pinpoint monitoring throughout the patient journey." ilumivu President T. David Smith further states "We believe that, as a result of this merger and financing, these remote decision support capabilities can be enhanced to be useful in improving care for individuals more broadly, including seniors and their caregivers covered by Medicare Advantage."
Cardiogram, founded in 2016, developed and trained a neural network using millions of cardiovascular data points and records to identify medical conditions such as atrial fibrillation, diabetes, hypertension, and sleep apnea. The Cardiogram mobile app is compatible with Apple iOS and Android smartphones, as well as Apple Watch, WearOS by Google, Fitbit, Garmin, and Samsung wearables. It has been downloaded by more than 2.6 million individuals worldwide.
In a joint study with the University of California, San Francisco, Cardiogram was able to detect atrial fibrillation with 97% accuracy and both sleep apnea and hypertension at greater than an 82% accuracy. Cardiogram is also used day-to-day by patients with a variety of other cardiovascular and autonomic conditions such as supraventricular tachycardia, heart failure, and dysautonomia. Heart rhythm and autonomic irregularity are increasingly common diagnoses in some individuals who have recovered from COVID-19.
Harish Kilaru, Senior Vice President at ilumivu, explains: "Patients with cardiovascular disease often lack tools to monitor their heart health outside the doctor's office. Cardiogram empowers users to better understand their heart health patterns and to share the data with their doctors and caregivers. With many COVID-19 patients becoming long-haulers and experiencing cardiovascular symptoms and over 30 million adults diagnosed with heart disease, remote monitoring of heart conditions is increasingly necessary."
Supporting the acquisition of Cardiogram is a follow-on investment by Health Catalyst Capital, the largest shareholder of Cardiogram. Charles Boorady, Founder and Managing Partner of Health Catalyst Capital, stated "Our investment in ilumivu demonstrates our confidence in the ability of its management team, working with Harish Kilaru and others from Cardiogram, to utilize both its own software and Cardiogram's cardio app technology to build a preeminent digital healthcare business that will improve patient outcomes and reduce healthcare costs".
About ilumivu Founded in 2009, ilumivu provides healthcare decision support applications using the psychology of behavior change, combined with real-time data from smartphones and wearables. With a pedigree in research in multiple disease areas at over 70 leading research universities and health systems, ilumivu delivers just-in-time adaptive interventions based on individualized baselines to improve measurable patient care outcomes. https://ilumivu.com/
About Cardiogram Founded in 2016, Cardiogram developed a leading cardiovascular health decision support application that helps users manage chronic health conditions and detect undiagnosed conditions. The Cardiogram neural network – DeepHeart - uses artificial intelligence to make life-saving inferences from heart and other biometric data generated by smartwatches. Cardiogram supports smartwatches from Apple Watch, Garmin, Samsung, WearOS by Google, and Fitbit. www.cardiogram.com
About Health Catalyst Capital Health Catalyst Capital ("HCC") is an independent fund manager investing in private, growth-stage healthcare information technology and technology-enabled services businesses. HCC was formed by a team of experienced healthcare investors and operators seeking profitable investment opportunities, while at the same time seeking to improve the human condition and promote value-based care. https://www.healthcatalystcapital.com/