January 12, 2017
Cascadia Capital, an investment bank serving middle market clients globally, today announced its client Bardy Diagnostics, Inc., the maker of the Carnation Ambulatory Monitor, has raised $27 million in growth financing from a consortium of leading healthcare investors including SV Life Sciences, Health Enterprise Partners and Ascension Ventures, and debt financing from Square 1 Bank. Cascadia Capital served as the exclusive financial advisor to Bardy Diagnostics in the transaction.
Based in Charlotte, North Carolina, with an office in Seattle, Washington, Bardy Diagnostics manufactures and markets the Carnation Ambulatory Monitor, a revolutionary, FDA-cleared electrocardiography (“ECG”) monitoring device that allows for the collection of low-amplitude, low-frequency P-wave heart signals. Due to its high signal fidelity, the CAM drastically improves the diagnostic yield of ECG monitoring through the collection and analysis of clinically actionable data, thereby enabling drastically lower healthcare costs through the catalysis of preventive care procedures.
In a market dominated by outdated, 50-year-old technology, Bardy Diagnostics is poised to become the leading ECG monitoring services provider to hospitals and clinics across North America and Europe. The recent financing will be used to complete technology investments in the platform and invest in the sales and marketing functions to enhance the company’s growth.
Bardy Diagnostics represents another successful transaction for Cascadia Capital in the Healthcare & Digital Health space. The Healthcare & Digital Health industry is undergoing revolutionary changes in every major traditional sector.
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