Uniseed has returned to back Csiro digital health spinout Cardihab after an earlier round which also raised $1.4m in 2017.
Cardihab, an Australia-based cardiovascular rehab app spinout of research institute Commonwealth Scientific and Industrial Research Organisation (Csiro), received A$2m ($1.4m) yesterday from investors led by Csiro-backed university venture fund Uniseed.
State government-owned Advance Queensland Business Development Fund also invested in the round alongside healthcare provider Queensland Cardiovascular Group and venture capital firm Slingshot Ventures.
Founded in 2016, Cardihab develops smartphone apps and web portals that enable cardiologists to offer greater support for patients through digital tools such as diaries for weight and blood pressure.
The apps complement conventional rehab sessions to prevent patients becoming overwhelmed by the number of in-person appointments, an approach which Cardihab believes will result in greater engagement and completion rates.
Cardihab was founded on the back of studies undertaken by Australian eHealth Research Centre, a partnership between Csiro and the government of Queensland.
The spinout raised $1.4m in a September 2017 round that included $500,000 from Uniseed along with contributions from Slingshot Venture Fund and unnamed cardiology groups.
Slingshot Venture Fund also supplied Cardihab with an undisclosed sum the previous year. The vehicle typically invests $40,000 in exchange for 7% to 10% equity.
Natasha Rawlings, an investment manager at Uniseed who acts as director of Cardihab, said: “Digital health is a rapidly growing investment space, and technology is generally under-utilised in the Australian health system. “
“By providing a clinically proven method of solving a very large and growing problem both in Australia and overseas, Cardihab’s position as first in market will help grow a large and patient-centred business”.