Caristo Diagnostics, an Oxford, UK-based company that provides cardiac and vascular disease diagnostics and risk prediction, today announced it has secured a further £13 million (US$16.3 million) to conclude its Series A financing round.
The investment was led by Oxford Science Enterprises and joined by BGF, Longwall Venture Partners, Oxford Investment Consultants LLP, Oxford University, and other investors. To date, Caristo has attracted over £23 million in venture capital investment (nearly US$30 million).
The funds will be used to advance its CaRi-Heart® technology, an AI-assisted diagnostics, and risk prediction tool, into standards of cardiac care in major global markets.
"We are thrilled that five successful institutional investors participated in the financing round which validates the vast clinical and business potential of Caristo's innovations", said Oran Muduroglu, Board Chairman of Caristo. "We are equally excited to welcome Frank Cheng as Caristo's new CEO. Frank led multiple digital health companies during the last twenty years, and most recently was President & CCO of Eyenuk, Inc, a diagnostic company with autonomous AI technology that was FDA-cleared, Medicare-reimbursed, supported by a new Category 1 CPT code, and adopted in eighteen countries. With a portfolio of novel technologies, exceptional clinical results and an experienced management team, Caristo is well positioned to transform healthcare around the world".
“Caristo has been on an exciting journey since 2018 as the Company turned a scientific idea into a validated clinical offering, protected our intellectual property, published impressive results in leading peer-reviewed medical journals, and secured initial regulatory approvals”, said Frank Cheng, Caristo new CEO, and Board Member. “Our Series A fundraising will accelerate Caristo’s growth in our existing UK and EU markets, while we lay solid foundations for U.S. market entry."
Company: Caristo Diagnostics Limited
Round: Series A
Funding Month: April 2023
Lead Investors: Oxford Science Enterprises
Additional Investors: BGF, Longwall Venture Partners, Oxford Investment Consultants LLP, and Oxford University
Company Website: https://www.caristo.com/
Software Category: Cardiac and Vascular Disease Diagnostics and Risk Prediction
About the Company: Founded in 2018 as a spin-out company from the University of Oxford, Caristo Diagnostics has developed a portfolio of imaging-based and AI-assisted platforms that can be applied to aid the prediction and diagnosis of heart attack, stroke, and diabetes. The company’s proprietary technology transforms the accuracy of routine cardiac CT scans by extracting new information that is otherwise invisible, greatly enhancing the power to predict cardiovascular risk and refine treatment decisions. Caristo was highlighted by Nature in 2020 as one of the most exciting science-based companies to have emerged from academic labs.