Elucid, a prominent medical technology company offering AI-powered imaging analysis software for cardiovascular disease assessment, has secured $80 million in a Series C funding round led by Elevage Medical Technologies. The funding round also witnessed the participation of industry strategics and existing investors. This investment brings Elucid’s total funding to $121 million since its inception.
Cardiovascular disease, driven primarily by conditions like myocardial infarction and ischemic stroke due to atherosclerosis, is a leading cause of global death and disability. Traditional diagnostic methods for characterizing arterial plaque often rely on subjective visual assessments, leading to variability based on factors like scanning protocol or interpreter. Elucid addresses this challenge by providing objective, non-invasive diagnostic methods for accurate quantification and characterization of plaque, based on actual histology.
Elucid’s software is the only FDA-cleared non-invasive tool capable of accurately characterizing arterial plaque, simulating what pathologists would observe under a microscope and establishing a histologic ground truth. The company is also pursuing an indication for non-invasive measurement of fractional flow reserve (FFRCT), derived from its PlaqueIQ technology, to measure coronary blockages and assess the extent of ischemia.
The Series C funding is expected to support Elucid in expanding its commercialization efforts, providing critical information to physicians and patients for combating heart disease. Dr. Evan Melrose, CEO of Elevage, expressed the importance of supporting Elucid’s diagnostic tools in addressing the market need for AI-powered cardiovascular software. Elevage’s investment will contribute to improving the diagnosis and management of heart disease, ultimately benefiting patients globally.
In addition to the funding, Elucid announced that Dr. Evan Melrose and Elevage Senior Advisor Dr. Kelly Huang would join the company’s board of directors. The leadership team has been strengthened, with Scott Huennekens appointed as executive chairman of the board and key additions to roles such as Chief Medical Officer, Chief Commercial Officer, Chief Technology Officer, and Senior Vice President of Regulatory Affairs and Quality Management.
Elucid’s mission to optimize the diagnosis and treatment of patients with cardiovascular disease aligns with Elevage’s commitment to advancing precision healthcare. The Series C round signifies the importance of Elucid’s mission and its role in delivering unprecedented precision healthcare to reduce heart attack and stroke deaths.