SOURCE: AliveCor

AliveCor

August 23, 2011 06:00 ET

AliveCor Raises $3 Million Series A Equity Round

OKLAHOMA CITY, OK--(Marketwire - Aug 23, 2011) - AliveCor, Inc., developer of a breakthrough mobile electrocardiogram recorder, announced today that it has secured $3 million in Series A financing. Burrill & Company led the financing round along with Qualcomm Incorporated, acting through its venture investment arm, Qualcomm Ventures, and the Oklahoma Life Science Fund. The company also announced the appointment of Bryant Fong and Dirk Lammerts, both Managing Directors at Burrill & Company, to its Board of Directors.

AliveCor's credit card-sized wireless device turns smartphones and tablets into clinical-quality low-cost heart monitors that can be used by patients at home and by physicians and other healthcare providers in a clinical setting. "AliveCor was founded on the idea that by leveraging the power of the iPhone and of Android phones we could radically decrease the cost and increase the global availability of advanced cardiac monitoring," said Dr. David Albert, founder and President of AliveCor. "This financing, combined with the support and expertise of Burrill & Company, Qualcomm, and the Oklahoma Life Science Fund, will allow us to realize that vision."

"The rapid rise of smartphones and tablets combined with the power of social media networks has forever changed the way we connect and engage, and it is transforming how we manage our personal health and wellness," said G. Steven Burrill, CEO of Burrill & Company, which has made a strong commitment to funding digital and wireless health technologies that fundamentally improve healthcare access and quality. "AliveCor's innovative use of smartphone technologies has created a high-performance electrocardiogram recorder at a disruptive price that enables consumers to monitor their heart health anywhere at any time and provides physicians with a more comprehensive assessment of their patients."

"We are excited about working with Dr. Albert, a prolific inventor who has created an innovative product with broad clinical utility and consumer market potential," said Nagraj Kashyap, vice president of Qualcomm Ventures. "Qualcomm is strongly committed to helping companies in the emerging sector of wireless health and we are pleased to be participating as a strategic investor in AliveCor."

AliveCor will use the capital to complete clinical studies currently ongoing at the Oklahoma University Health Sciences Center, pursue regulatory approvals, and gear up for commercial launch of its highly anticipated iPhone ECG and Android iCard ECG.

About AliveCor
AliveCor has developed a clinical-quality low-cost ECG recorder that dramatically improves the accessibility of this critical medical diagnostic tool and that will revolutionize the way heart monitoring is performed. The AliveCor ECG is designed to work in conjunction with a variety of mobile platforms, including iPhone, iPad, and Android devices. The AliveCor ECG is not cleared as a medical device in the US and is currently not available for sale. For more information, please visit www.alivecor.com.

About Burrill & Company
Founded in 1994, Burrill & Company is a diversified global financial services firm focused on the life sciences industry. With more than $1 billion in assets under management, the firm's businesses include venture capital, private equity, merchant banking, and media. By leveraging the scientific and business networks of its investment team, Burrill & Company has established unrivaled access and visibility in the life sciences industry. Headquartered in San Francisco, the company oversees a global network of offices throughout the United States, Latin America, Europe and Asia. For more information, please visit www.burrillandco.com.

About Qualcomm Ventures
Qualcomm Ventures, the venture investment group of Qualcomm Incorporated, was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures' aim is to support Qualcomm's mission of enabling and fostering 3G and wireless Internet markets through investments in privately owned startup ventures. These investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide. For more information, please visit www.qualcomm.com/ventures.

About Oklahoma Life Science Fund
The Oklahoma Life Science Fund, with $15 million under management, is focused on supporting the creation and capitalization of life science opportunities within the state. OLSF is a cornerstone of venture capital activity within Oklahoma. For more information, please visit www.olsfventures.com.