Silicon Valley-based AliveCor, which uses artificial intelligence to improve cardiac care, has secured a $20 million loan from Oxford Finance LLC. The capital will be used to provide additional working capital to support growth as well as research and development efforts.
ALEXANDRIA, Va. and MOUNTAIN VIEW, Calif., Jan. 28, 2019 /PRNewswire/ — Oxford Finance LLC (“Oxford”), a specialty finance firm that provides senior debt to life sciences and healthcare services companies, today announced the closing of a $20 million senior secured term loan to AliveCor, Inc., a privately held company focused on using artificial intelligence to improve cardiac care. The funds will provide additional working capital to support continued growth as well as research and development efforts.
AliveCor’s KardiaMobile product, which instantly detects atrial fibrillation and normal sinus rhythm is the most clinically validated mobile ECG in the world.
“Heart disease is the leading cause of death in humans. AliveCor has developed low cost, hand-held and wrist-worn ECG technology capable of detecting, with clinical grade accuracy anytime and anywhere, the presence of atrial fibrillation in just 30 seconds,” said Christopher A. Herr, senior managing director at Oxford. “Oxford is excited to partner with AliveCor to help support their continued growth, innovation, and expansion into the rapid detection of other potentially fatal conditions affecting cardiac health.”
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit (http://oxfordfinance.com/).
About AliveCor, Inc.
AliveCor, Inc. is pioneering the creation of FDA-cleared machine learning techniques to enable proactive heart care and is recognized around the world for transforming cardiac care. The FDA-cleared KardiaMobile is the most clinically validated mobile ECG solution on the market. It is recommended by leading cardiologists and used by people worldwide for accurate ECG recordings. KardiaMobile, and KardiaBand, when paired with the Kardia app provide instant analysis for detecting atrial fibrillation and normal sinus rhythm in an ECG. Kardia is the first A.I. enabled platform to help clinicians manage patients for the early detection of atrial fibrillation, the most common cardiac arrhythmia and one that leads to a five times greater risk of stroke. KardiaBand is the first FDA-cleared medical device accessory for Apple Watch. AliveCor was named the No.1 artificial intelligence company on Fast Company’s Top 50 Most Innovative Companies, in addition to ranking 20th overall in an evaluation of thousands of companies worldwide. AliveCor is a privately-held company headquartered in Mountain View, Calif. For more information, visit alivecor.com. Mayo Clinic and Dr. Paul Friedman have financial interest in certain AliveCor technology. All revenue received by Mayo Clinic goes back to its non-profit mission.