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Square 1 Bank Closes $3MM Credit Facility for AliveCor

April 16, 2015, 07:33 AM
Filed Under: Technology

Square 1 Bank provided a $3 million credit facility to new client AliveCor, a mobile health company that helps users take control of their heart health using the AliveCor® Heart Monitor and free AliveECG application (app). Proceeds of the credit facility will provide the company with working capital to continue product development and pursue strategic growth opportunities.

Founded in 2011, AliveCor's technologies help physicians identify undiagnosed heart conditions earlier and offer new ways for diagnosed patients to manage their conditions. The AliveCor Heart Monitor records, displays, stores and transfers single-channel ECG rhythms wirelessly, using the free AliveECG app. An FDA cleared algorithm is also included in the AliveECG app which can detect for atrial fibrillation, the most common form of cardiac arrhythmia.

"We are continuing to achieve many significant milestones. In March, our users recorded more than 200,000 ECGs, pushing us past two million ECGs recorded. Additionally in Q1, we shipped a record 9,000 devices," said Euan Thomson, president and chief executive officer at AliveCor. "We are committed to continuing to grow and innovate in the cardiac health market. With this additional capital, we have the opportunity to invest and develop our technologies to ensure we meet the needs of both new and existing patients and physicians."

Ben Colombo, managing director in Square 1 Bank's life sciences practice, added, "With investor backing from Khosla Ventures, AliveCor has positioned itself as a leader in the mobile health industry. We are excited to support their commitment to patient care and mission to treat preventative heart conditions."

AliveCor Inc. is a global innovator in mobile technology for heart health. AliveCor works with health systems to help identify patients with undiagnosed heart conditions before potentially life-threatening conditions, like stroke, can occur. AliveCor helps diagnosed patients work with their physician to monitor, track and manage their condition in new ways. AliveCor is a privately-held company headquartered in San Francisco, CA.

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