Implicity has secured $40 million in new funding to expand its AI-powered remote cardiac monitoring business, with the capital earmarked for commercial growth in the U.S. and Europe and further investment in artificial intelligence.
The medtech company provides a remote monitoring platform that aggregates and analyzes information generated by cardiac implantable electronic devices (CIEDs) and heart failure monitoring systems. Rather than requiring clinicians to monitor separate platforms from different device manufacturers, Implicity consolidates data into a single system and applies AI to identify information that may require clinical attention. Its platform can also integrate with electronic health records.
Implicity currently serves more than 250 medical centers and monitors over 120,000 patients each day across the U.S., France and Germany. The company plans to expand its U.S. commercial workforce from its Cambridge, Massachusetts base while developing features tailored to the American healthcare market. It will also continue investing in its AI roadmap, including next-generation algorithms designed to predict worsening heart failure.
"The fundraising will support Implicity's next phase of growth in the U.S. The company has built its hospital network on the ground from its Cambridge, MA base, earning the endorsement of clinicians and forging partnerships with local physicians," the company said in a statement.
Implicity has previously raised capital to support international expansion and AI software development, including a $23 million Series A round in 2022.
The company has also obtained multiple FDA clearances for its cardiac monitoring technologies. Its ILR ECG Analyzer, initially cleared in 2021, applies AI to electrocardiogram data from implantable loop recorders to reduce false-positive alerts.
In 2023, Implicity received FDA 510(k) clearance for SignalHF, a machine-learning algorithm that evaluates remotely collected cardiac device data to assess the risk of worsening heart failure. Earlier this year, the company received its third FDA clearance for a next-generation ILR ECG Analyzer capable of processing data from implantable cardiac monitors manufactured by Abbott, Biotronik, Boston Scientific and Medtronic.
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