iCardiac Technologies, a provider of cardiac safety assessment services, has secured investment from venture firm Norwest Venture Partners (NVP) for an undisclosed sum.
The deal, which could see NVP invest anywhere between $10m and $100m into the University of Rochester spin-out, will also see two of NVP’s healthcare investment leaders, Ryan Harris and Robert Mittendorff, join iCardiac’s board of directors.
The California-based company’s primary technology allows for life sciences firms focused on developing cardiac drugs reduce development times, which can typically take up to 15 years to produce.
Mikael Totterman, CEO of iCardiac, said: “With two of its partners being MDs, NVP is a sophisticated investor that understands our industry. Our relationship-driven partnership is about strengthening our company further and serving our customers. Our highly customer-centric culture has become a cornerstone of how the pharmaceutical industry perceives us. Our partnership with NVP will only deepen our customers’ sense of confidence about our continuing ability to meet their needs. We know Ryan and the NVP team will be instrumental in working with us to take our company to the next level.”
