Cardiac imaging company Genetesis adds TDK Ventures as strategic investor
Strategic investments round out $9.2 million Series B financing
Partner News | Published: Wednesday, May 13, 2020
Genetesis Inc, a MedAxiom partner and medical technology company that has developed non-invasive, biomagnetic CardioFlux™ imaging, has announced several important updates. The company has closed significant strategic investments from TDK Ventures and an undisclosed Fortune 500 global, healthcare company, completing a $9.2M Series B financing. The round included participation by return investors CincyTech, Ohio Innovation Fund, and Mark Cuban.
Genetesis developed the CardioFlux Magnetocardiograph (MCG) to revolutionize the triage of chest pain, which causes eight million visits to hospital emergency departments annually. CardioFlux enables physicians to measure and record the magnetic fields of the heart in just a few minutes, with the potential of significantly lowering length of stay in the ER. It is done without the use of ionizing radiation, exercise or the need for specialized room modifications.
"Magnetocardiography has been around for over four decades. But we felt that Genetesis has made the right technical plus business model innovations to solve the chest pain triage problem, thus freeing up valuable hospital resources and impacting patients' lives. Precision health is a highly strategic area for TDK and it is refreshing to see a magnetic sensing technology, where TDK has pioneering expertise, being applied to a sustainable goal of improving global wellness," says Anil Achyuta, Investment Director at TDK Ventures.
Genetesis has also added Sajid Malhotra to its Board of Directors. Malhotra brings extensive experience in senior executive positions in publicly traded companies. He has served as Chief Financial Officer (CFO) of Limelight Networks (NASDAQ: LLNW) since April 2016, where he also leads the corporate development and investor relations, facilities, and procurement functions in the company.
"The disruptive technology developed by Genetesis will be foundational at the front-line of cardiac care. I am excited to be a part of this highly motivated team determined to improve patient outcomes based on revolutionary technology and pushing the limits of science and analytics," said Sajid. "When implemented, patients can expect diagnosis to be safer, sooner, and superior at a lower cost. Hospitals can expect improved efficacy and lower congestion and cost. Companies like Genetesis are a rare find and I am honored to be joining the Board."
Genetesis, Inc. is a medical technology company focused on redefining the way myocardial ischemia and coronary artery disease are detected. By combining CardioFlux, our noninvasive biomagnetic imaging technology, with proprietary cloud-based web services and machine-learning capabilities, we seek to become the standard of care for diagnosis of clinically significant myocardial ischemia in the acute care setting. Genetesis was founded in 2013 and is based in Mason, Ohio.