Idoven was founded with a clear mission: improving the early detection of cardiovascular diseases to prevent myocardial infarction and sudden death, hence contributing to saving people’s lives and helping thousands of doctors and millions of patients.
At present, cardiovascular disease is the global leading cause of death and costs the European Union €192 billion. In the United States, the figure is expected to rise to €1 trillion in public health burden by 2030.
At Idoven, we are working to redefine the way in which these types of diseases are detected and diagnosed. Technology and artificial intelligence play a crucial role in that. Using a cloud-based platform, Idoven's software already identifies 86 cardiac electrical disorders, which account for 90% of the most common heart conditions worldwide.
We are extremely happy to announce that we have raised €18.5 million to continue our mission. The funding, which we are announcing, consists of a Series A round of €12 million co-led by global software investor Insight Partners, which invested in companies, such as Twitter, Calm, and Trivago, and by Northzone, known among other investments for being one of the first investors in Spotify and Spring Health. Wayra, Telefónica's innovation hub, participated in the round as well, and so did existing business angels such as Iker Casillas and former senior executives of Apple and Amazon, Diego Piacentini and Sebastian Gunningham. The round is supplemented by €6.5 million in grant and equity funding awarded by the prestigious European Innovation Council (EIC) Accelerator.
We thank our clients for their continued support and confidence in our company. We are extremely motivated to continue on our growth path as we scale our business, making our solutions available to even more doctors and patients.
Against this backdrop, at Idoven we will dedicate the new capital raised to continue the development of our artificial intelligence platform to identify arrhythmias and cardiac abnormalities, and we will accelerate the recruitment of the best talent.