Canada-based medical information technology company A4L (Analytics for Life, Inc.) has raised CDN 10 million in Series A financing by private accredited investors in an oversubscribed round, the company said.
A4L has developed a novel technology that utilizes machine learning applied to data sets of patient physiologic signals and clinical outcomes information to detect and assess specific diseases. The goal is to provide rapid and accurate detection of disease states, thereby offering worldwide healthcare markets with cost-effective, efficient, and safe solutions. A4L has conducted initial in vivo laboratory research to analyze and manipulate two billion data points, which was supported by Southern Ontario Smart Computing Innovations Platform and the Ontario Centers of Excellence. Early results demonstrate that a machine learned algorithm is able to detect the presence of heart disease.
The funding round will allow A4L to move forward with patient enrollment and clinical testing of its novel product in cardiac disease, the first application.
Additionally, the company announced the appointment of Don Crawford as President and Chief Executive Officer.
Crawford has an extensive history in the medical device field spanning more than 30 years, primarily focused on Cardiac Rhythm Management (CRM). His most recent executive management role as CEO and Founder of Sapheon, Inc. resulted in a successful exit to Covidien plc in 2014. Sapheon was subsequently acquired by Medtronic plc as part of its acquisition of Covidien, resulting in an exit value of up to USD 238 million paid to Sapheon investors and shareholders.
A4L´s headquarters and technology development are located in Toronto, Ontario where the majority of the software development occurs. A4L opened its US subsidiary in the Research Triangle Park in North Carolina in early 2015, where company operations and hardware development are located. Crawford expects US-based clinical trials to start in the spring of 2016 to support FDA regulatory requirements.