AliveCor, developer of the iPhone ECG, announced this week that it has raised $3 million in its first round of funding. The investment was funded by Burrill & Company, Qualcomm Ventures and the Oklahoma Life Sciences Fund.
The company plans to use the investment to expand its team, gain regulatory approval and market the device worldwide. AliveCor expects to commercially launch its iPhone ECG case (pictured) and wireless iCard later this year. The devices will cost less than $100, according to AliveCor founder Dr. David Albert. Both devices will still need to complete a clinical trial and secure FDA 510(k) clearance. The company is working with OU Health Sciences Centers.
The iPhone ECG first got notice in late December 2010 when Albert uploaded a video demo of the device to YouTube. The video went viral and made the device one of the most talked about at the Consumer Electronics Show in January. The video has since received more than 250,000 views. MobiHealthNews first spoke to Albert about the iPhone ECG in January. AliveCor expects to offer a free iPhone app for patients, with a paid version for physicians. Sometime after the iPhone ECG case becomes commercially available, the company plans to launch the iCard, which works with other iOS and Android devices. (Albert spoke to MobiHealthNews about the iPad’s role in healthcare in March.)
“The iPhone ECG captured the imagination of the world at CES by demonstrating the power of personal health monitoring as enabled by the Apple iPhone and other smartphones,” Albert stated in a press release. “AliveCor looks forward to taking our innovations to all parts of the world for physicians, emergency first responders and patients alike.”
Interestingly, while the iPhone ECG strongly associated with the iPhone, Dr. Albert’s AliveCor Australian co-founders Bruce Satchwell and Kim Barnett began working on the ECG device in 2005, which is well before the iPhone launched. The Oklahoma City Chamber of Commerce originally helped bring the business to Oklahoma City in 2008, the press release stated.
For more on the investors and AliveCor, read the press release after the jump.