Texas-based arrythmia monitoring provider eCardio announced today an undisclosed minority investment from Sequoia Capital. This investment marks the first round of institutional funding for the company since its founding in 2004. Sequoia has previously invested in Apple, Cisco, PayPal, Google, Oracle, Yahoo, YouTube and other well-known tech companies.
"eCardio has experienced tremendous growth by meeting the needs of physicians and the patients they serve," Sequoia Capital's Scott Carter stated in a company release. "We are excited to partner with a company that provides doctors with the most advanced cardiac diagnostic and monitoring solutions."
eCardio has some big competition in the cardiac remote monitoring business: CardioNet, LifeWatch and Intelli-Heart are just a few of its rivals. CardioNet has already gone public and attainted reimbursement for its services, while LifeWatch has grown its business and recently cozied up to Verizon Wireless in an exclusive deal.
For more on the eCardio news, read the company's release after the jump
eCardio Receives Significant Investment in Private Funding from Sequoia Capital
The Woodlands, TX - July 1, 2009 - eCardio Diagnostics, one of the nation's leading providers of arrhythmia monitoring services, today announced that it has received a significant minority investment from Sequoia Capital. This is eCardio's first round of institutional funding since the company was founded in 2004.
"The investment by Sequoia Capital marks a milestone in the growth of eCardio," noted Larry Lawson, President and Chief Executive Officer. "This partnership will strengthen our technology offering and accelerate our ability to develop fast, flexible and accurate solutions for remote cardiac monitoring."
The investment from Sequoia Capital comes after several years of profitable growth and industry recognition for eCardio.
"eCardio has experienced tremendous growth by meeting the needs of physicians and the patients they serve," stated Sequoia Capital's Scott Carter. "We are excited to partner with a company that provides doctors with the most advanced cardiac diagnostic and monitoring solutions."
About eCardio Diagnostics
eCardio Diagnostics, www.ecardio.com, is one of the nation's leading providers of comprehensive and advanced technologies, devices, services and solutions for the diagnosis, monitoring and subsequent clinical management of cardiac arrhythmias, predominantly in an ambulatory setting. eCardio provides leading-edge diagnostic innovations and solutions that optimize the flexibility, speed and accuracy of cardiac arrhythmia diagnoses-contributing to the timeliest, most effective and appropriate management of cardiac patients.
About Sequoia Capital
Since 1972, Sequoia Capital has provided early stage and growth stage venture capital for very smart founders and executives who have turned great ideas into sustainable companies of enduring value. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with accomplished innovators and operators who built great franchises such as Apple Computer, Cisco Systems, Flextronics, Google, Informix, Linear Technology, LSI Logic, Microchip, NetScaler, NetScreen, Network Appliance, nVidia, Oracle, PayPal, Redback Networks, Yahoo! and YouTube. To learn more about Sequoia Capital visit www.sequoiacap.com.
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