Elucid, a Boston-based artificial intelligence firm specializing in the analysis of CT angiograms, has raised $80 million, leaders announced Thursday.
Investment firm Elevage Medical Technologies led the series C financing round, with additional contributions from existing investors. Founded in 2009, the company offers an FDA-cleared algorithm for characterizing arterial plaque from computed tomography scans.
This brings Elucid’s fundraising total to $121 million, with the latest contribution earmarked for expansion.
“Elevage believes leading this investment in Elucid is pivotal to support the development and commercialization of its groundbreaking diagnostic tools,” Evan Melrose, MD, MBA, CEO of Elevage, said in a Nov. 9 announcement. “We see an important market need for AI-powered cardiovascular software and are excited to partner with Elucid to help improve the diagnosis and management of heart disease and benefit patients worldwide.”
Elucid also is pursuing an indication for noninvasive measurement of fractional flow reserve, derived from its PlaqueIQ technology, to quantify coronary blockages and the extent of ischemia. As part of the announcement, Melrose and Elevage Senior Advisor Kelly Huang, PhD, will join Elucid’s board of directors.
“Our partnership with Dr. Melrose and the Elevage team will accelerate our goal to deliver unprecedented precision healthcare to reduce heart attack and stroke deaths,” Elucid CEO Blake Richards said in the announcement.
Menlo Park, California-based investment firm Patient Square Capital formed Elevage in May with a commitment of $300 million. The portfolio company is aimed at supporting the growth of promising new medical device firms by providing capital and strategic expertise, leaders said at the time.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.