VC Investors Pump $215M into HeartFlow to Provide AI-Powered Personalized Cardiac Testing
HeartFlow, Inc., a Silicon Valley-based AI-powered cardiac test provider, has secured $215 million in Series F funding led by Bain Capital Life Sciences.
Additional investors included newcomer Janus Henderson Investors plus previous backers including Baillie Gifford, Capricorn Investment Group, Hayfin Capital Management, HealthCor, Martis Capital, USVP and Wellington Management.
The round marks a return to the equity markets after several years away. The company closed its series E in 2017 and a $65 million venture round in 2019.
In February 2022, Mountain View, CA-based Heartflow scrapped its plans to go public through a special purchase acquisition company (SPAC) merger with Longview Acquisition, citing what both companies called “current unfavorable market conditions.” Longview had offered $690 million in July 2021, in a deal that implied an enterprise value of $2.4 billion at the time.
The proceeds aim to help HeartFlow capitalize on its recent achievements, including an FDA clearance late last year for AI-powered software that maps out the heart’s coronary arteries and any potential blockages.
“The oversubscription of our series F funding round, particularly in the current market backdrop, is a strong validation of our technology, our team and the opportunity in front of us,” HeartFlow CEO John Farquhar said.
The company’s solutions are used in 725 hospital systems and over 180,000 patient scans in the US.