HeartFlow Completes Series E Financing, Securing $240 Million
Proceeds Will Support Commercialization of HeartFlow® FFRct Analysis, Continued Technology Innovation and Additional Clinical Studies
February 14, 2018
REDWOOD CITY, Calif. - February 14, 2018 - HeartFlow, Inc. today announced the closing of its Series E financing, securing $240 million. The company will use the proceeds from this financing to ramp up commercial expansion of the HeartFlow® FFRct Analysis, continued technology innovation and additional clinical studies. The HeartFlow Analysis is a non-invasive technology that creates a personalized 3D model of the heart to help clinicians diagnose and treat patients with suspected heart disease. The financing includes investments from Wellington Management, Baillie Gifford & Company and existing investors.
“We are incredibly pleased to have Wellington Management Company LLP and Baillie Gifford & Company as anchor investors. This financing will enable us to drive commercial success of the HeartFlow Analysis, which is poised to become the global standard of care in the diagnosis of coronary artery disease,” said John H. Stevens, M.D., president and chief executive officer of HeartFlow. “Given our recent momentum with clinicians, the Centers for Medicare & Medicaid Services, commercial payers and strategic collaborators, we are well positioned for growth.”
HeartFlow has made significant progress in developing and commercializing its pioneering non-invasive technology. The HeartFlow Analysis has been used by clinicians at more than 80 medical institutions around the globe. In the United States, several commercial payers issued positive coverage decisions and the Centers for Medicare & Medicaid Services (CMS) assigned a New Technology APC payment for the HeartFlow Analysis. Additionally, the National Institute for Health and Care Excellence (NICE) in the U.K. issued a positive guidance recommendation for the use of the HeartFlow Analysis.
“We are delighted to be investing in HeartFlow on behalf of our clients,” said Peter Singlehurst, investment manager at Baillie Gifford & Company. “Heart disease is the leading cause of death globally, in part owing to the difficulties around diagnosis. The HeartFlow Analysis improves patient experience and outcomes, whilst also reducing costs for overstretched healthcare systems—a dual objective that many healthcare companies strive for but few achieve. The underlying technology developed by HeartFlow also has the potential for broader applications for heart disease and other conditions. The capital raised here will enable HeartFlow to push forward with commercialization and invest for long-term success by continuing to advance the ways in which it can help patients and physicians.”
Coronary artery disease (CAD) affects 400 million people globally,1 and develops when the coronary arteries narrow, reducing blood flow to the heart and causing chest pain (angina), heart attack (myocardial infarction) and death. The HeartFlow Analysis is the first and only commercially available non-invasive technology to provide insight into both the extent of CAD and the impact of the disease on blood flow to the heart.
About the HeartFlow FFRct Analysis
Clinicians diagnosing someone with suspected CAD want to know as definitively as possible if the individual has a significant blockage in their coronary arteries. They also want to know the impact of that blockage on blood flow so they can best determine which treatment pathway is appropriate (e.g., medical management, stenting or coronary artery bypass grafting).
Data from a patient’s non-invasive coronary computed tomography angiogram (CCTA) are securely uploaded from the hospital’s system to the cloud. HeartFlow leverages deep learning to create a personalized, digital 3D model of the patient’s coronary arteries. The HeartFlow Analysis then uses powerful computer algorithms to solve millions of complex equations to simulate blood flow and assess the impact of blockages on coronary blood flow. The HeartFlow FFRct Analysis is provided via a secure online interface to offer actionable information to enable clinicians to determine the optimal course of treatment. To date, clinicians around the world have used the HeartFlow Analysis for more than 15,000 patients to aid in the diagnosis of heart disease.
This technology has been demonstrated to reduce unnecessary and invasive diagnostic coronary angiography procedures, which can be associated with bleeding, stroke, major blood vessel damage and other serious complications. It also significantly reduces healthcare costs for hospitals.2
About Baillie Gifford & Company
Baillie Gifford & Company is an asset management firm founded in 1908 and headquartered in Edinburgh, Scotland. It employs more than 980 people and had assets under management and advice of over £166 billion as of June 30, 2017. For more information, visit https://www.bailliegifford.com/about-us/.
About HeartFlow, Inc.
HeartFlow, Inc. is a medical technology company redefining the way heart disease is diagnosed and treated. Our non-invasive HeartFlow FFRct Analysis leverages deep learning to create a personalized 3D model of the heart. By using this model, clinicians can better evaluate the impact a blockage has on blood flow and determine the best treatment for patients. Our technology is reflective of our Silicon Valley roots and incorporates decades of scientific evidence with the latest advances in artificial intelligence. The HeartFlow FFRct Analysis is commercially available in the United States, Canada, Europe and Japan. For more information, visit www.heartflow.com.