Tuesday July 10, 2018 0 comments
DENVER -- Medical device startup HeartHero announced it has raised a $1.5 million seed round investment from a venture capital firm, angel investors and grant funding.
Initial investments will help HeartHero build a next-generation automated external defibrillator (AED), the company said.
Earlier in this year, HeartHero received a $250,000 grant from the Colordo Office of Economic Development and International Trade (OEDIT). The company leveraged its OEDIT grant by attracting major equity investments, including another $250,000 from PIC Investment Group Inc., a Canadian family office.
HeartHero is PIC's first minority investment in the United States.
The investments from PIC, OEDIT and other minor equity investors will help HeartHero continue to develop its ultra-portable, easy-to-use AED, the company said.
HeartHero said it aims to make this lifesaving technology more accessible and attractive to the consumer market, while simultaneously creating a better alternative for existing business and institutional markets.
According to the American Heart Association, sudden cardiac arrest (SCA) claims more than 350,000 American lives each year. Nearly 70 percent of those SCAs occur in the home, where families do not have access to a lifesaving AED. With chances of survival decreasing significantly with each passing minute, most people suffering an SCA at home do not have time for the ambulance to arrive with an AED.
"Now that we have closed our seed round of funding, we are one step closer to empowering millions to save their loved ones from a cardiac arrest," said Gary Montague, HeartHero founder and CEO.
"As a medical professional who has seen too many people die from SCA, I am thrilled that our investors believe in our product and our mission. The AED market is ripe for disruption, and we plan to do just that."
"PIC is pleased to add HeartHero to our Minority Investment Portfolio of Companies," said PIC chief of equity investment Laurie Dmytryshyn.
"My own personal experience with a family member's cardiac issues has underscored the importance of getting this product into the hands of everyone at risk."