Eko Devices Raises $2M Series Seed Round
Funding Will Enable Commercialization of “Shazam for Heartbeats” Technology
We are thrilled to announce that Better Ventures Fund I portfolio company Eko Devices has raised a $2 million Series Seed round led by Founder.org. Stanford University's StartX Fund, former Health and Human Services adviser John Noonan, and the co-founders of music analytics company Shazam also participated in the round. This fresh round of capital will be used to fuel Eko’s clinical trials with the University of California San Francisco, achieve FDA clearance, and launch commercially.
Eko Devices’ product (aka "Shazam for Heartbeats”) is a Bluetooth-powered attachment to an analog stethoscope that enables heart sounds to be recorded on a smartphone or tablet and analyzed in the cloud by specialists and a murmur detection algorithm. This technology turns the ubiquitous analog stethoscope into a smart device that dramatically lowers the cost of high quality cardiac care, reduceswasteful healthcare spending, and ultimately saves lives. We were the first institutional backers of Eko Devices when the founders, all recently featured in Forbes 30 under 30, were graduating from UC Berkeley in May 2013. We had a strong intuition about the team and their ability to build something that could be truly disruptive in both improving health outcomes and lowering the costs of healthcare access. We're excited to see the Eko team take their business to the next level of scale and impact with this funding round.
Eko Devices is the latest of several Fund I portfolio companies to break out and, along with the recently announced UClass acquisition, is further validation of our approach to investing at the intersection of technology and impact. As we look ahead to our second close on Better Ventures Fund II in April, we plan to put more money to work in world-changing startups such as Eko that are leveraging technology to improve access to fundamental human needs and to build a more sustainable economy. We couldn't be more excited about our category as we continue to see many high-quality deals, while impact investing continues to gain traction among mainstream investors, as evidenced by this recent Private Wealth article. If you would like more information about Eko Devices or Better Ventures Fund II, please feel free to reach out. For more timely updates, please follow us on Twitter and AngelList.