Boston-based medical technology company Elucid has raised $55 million in an oversubscribed Series D financing round, bringing its total funding to approximately $185 million. The company plans to use the capital to expand its AI-based cardiovascular imaging technologies and support regulatory and clinical development.
Elucid develops imaging analysis software designed to support the diagnosis and treatment of cardiovascular disease. Its clinical portfolio includes Plaque-IQ and FFR-CT, which combine imaging data and artificial intelligence to provide physicians with information about coronary artery disease.
Plaque-IQ, which has received clearance from the U.S. Food and Drug Administration (FDA), analyzes and characterizes coronary and carotid plaque using CT angiography. Elucid's FFR-CT technology assesses the impact of coronary artery disease on blood flow and is currently under FDA review.
The Series D proceeds will support several areas of the company's development. Elucid plans to expand commercialization of its clinical platforms, develop additional strategic partnerships with medical technology companies and support its FDA 510(k) submission for BioIntegrated FFR-CT. Funding will also be directed toward research and development and additional clinical studies.
"Analogous to oncology's shift from population-based, one-size treatment, Elucid is applying AI to integrate anatomy, biology and physiology to bring personalized treatment to coronary artery disease management," Kelly Huang, CEO of Elucid, said in a statement.
"Physician feedback indicating that our current platform can uniquely lead to better care decisions fuels our mission to predict and personalize the prevention of heart attacks and strokes."
The financing follows continued expansion of Elucid's Plaque-IQ platform. In April, the company announced commercial availability of its Lesion Inspection Tool for coronary and carotid plaque analysis. The tool enables physicians to assess lesion-specific composition and plaque across individual vessels to provide additional information about a patient's cardiovascular risk profile.
Elucid has completed several previous financing rounds as it has developed its cardiovascular imaging portfolio. The company raised $80 million in Series C financing in 2023, following a $27 million Series B round in 2022 and an $8 million Series A round in 2021.
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