New York, New York--(Newsfile Corp. - March 18, 2024) - Powerful Medical secures €7.5m funding from the European Innovation Council (EIC) for AI-powered heart attack diagnostics and prospective clinical validation. Selected from over 4,000 companies, the deep-tech medical device manufacturer's clinical management platform, PMcardio, empowers 35,000 healthcare professionals to diagnose cardiovascular diseases with unparalleled accuracy and speed.
Powerful Medical
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8871/201582_real_be2f8ebd-0eae-41fb-aa03-e916a8fba3e8_1.jpeg
With a landmark advancement in medical diagnostics, Powerful Medical has distinguished itself within the competitive digital health landscape. The European Innovation Council (EIC) Accelerator program has highlighted the venture among the leading global health tech initiatives, selecting Powerful Medical from over 4,000 applicants as one of the top 4, thereby placing it in the top 0.1% of its cohort. This recognition is accompanied by a €2.5 million grant and a €5 million investment, marking the considerable potential and transformative effect of Powerful Medical's AI-driven solutions on global healthcare. Further solidifying its financial foundation, Powerful Medical has previously secured backing from LifeX Ventures and several European Investment Bank (EIB) backed funds, demonstrating a robust vote of confidence from a diverse group of investors.
At the core of its mission, Powerful Medical introduces the PMcardio platform, a CE-certified medical device leveraging proprietary AI to analyze electrocardiograms (ECGs) with remarkable precision. This platform is capable of diagnosing heart attacks — specifically, occlusion myocardial infarctions — significantly earlier and with double the sensitivity compared to the current standard of care. Given the annual 50 million chest pain-related ER visits in the US and 800,000 heart attacks occurring each year, with a third of those initially misdiagnosed, the platform's precision in diagnostics becomes even more crucial. The platform also identifies 38 other cardiac conditions, offering a broad toolset for cardiovascular healthcare.
With 35,000 healthcare professionals registered and 400,000 patients screened in the EU, Powerful Medical is now preparing for its entry into the US market. The company is nearing the final stages of obtaining 510(k) FDA approval, a crucial step towards bringing its vital technology to the American healthcare system. This move is supported by pilot programs and research activities in the US, engaging with top healthcare institutions like Stony Brook Medicine (NY), Minneapolis Heart Institute (MN), and Hennepin Healthcare (MN), among others. These efforts not only highlight the impact of Powerful Medical's innovation but also its potential to profoundly improve the longevity and quality of care for patients across the globe.
A key factor contributing to Powerful Medical's progress is its expansive global research network, which enables conducting trials across diverse patient groups. This aspect is underscored by over 30 ongoing validations which confirm the platform's reliability and effectiveness. Included in these collaborations are renowned institutions such as Cardiovascular Center Aalst, the biggest cardiology center in Belgium, and Sapienza University Hospital in Rome.
"By the year 2028, we aim to transform the lives of over 1,000,000 heart attack patients. AI makes this goal possible at a scale previously unrealistic, offering unprecedented accuracy and early detection capabilities that will dramatically enhance treatment outcomes and save lives." - Martin Herman, CEO
Going forward, Powerful Medical envisions its AI-powered diagnostics transcending traditional hospital settings, integrating into wearable and implantable devices, and advancing into predictive medicine. This future perspective aims to transform the management and treatment of cardiovascular diseases, enabling earlier detection, better outcomes, and more lives saved.
"Our vision extends beyond today's technology; we're paving the way for a future where AI not only supports but enhances patient care at every level." - Robert Herman, MD, Chief Medical Officer
As Powerful Medical begins its Series A fundraising, the EIC Accelerator's grant and investment endorse the company's vision and technology. For healthcare venture capital investors, this represents an opportunity to invest in a company that is not just leading but also reshaping the future of cardiac care.
About Powerful Medical
Powerful Medical is at the forefront of the AI revolution in healthcare, leading the charge against the world's leading cause of death, cardiovascular diseases. With its flagship product, the PMcardio, a CE-certified medical device, the deep-tech company is setting new standards in cardiac care. The platform's unparalleled ability to diagnose 39 cardiovascular conditions from any 12-lead ECG places it leagues ahead of traditional diagnostic methods. Already having significant traction in the EU and on the cusp of entering the US market pending FDA 510(k) approval with multiple US pilots ongoing, Powerful Medical is poised for substantial growth. Its data-driven approach not only improves immediate clinical outcomes but also paves the way for the future of predictive medicine. Backed by a robust research network and clinical validations, Powerful. Medical is not just transforming heart care; it's saving lives one diagnosis at a time.
Communication and Media Company: Powerful Medical
Email: communications@powerfulmedical.com
Website: www.powerfulmedical.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201582
