Royal Philips (NYSE: PHG; AEX: PHIA), a global leader in health technology, announced today that it has signed an agreement to acquire Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. The deal, which is subject to customary closing conditions, will likely be completed in the coming months.
Founded in Europe in 2014, Cardiologs has grown rapidly, helping clinicians identify heart rhythm abnormalities on a global scale, and generating strong revenues.
Since its inception, and to support its expansion and R&D efforts, Cardiologs has raised over $25 million in capital, including a $15 million Series A funding led by Alven in January 2020.
The acquisition of Cardiologs is a strong fit with Philips’ existing portfolio of cardiac care solutions. Cardiologs will complement this offering with a vendor-neutral heart disorder screener and ECG analysis applications based on machine learning algorithms.
Developed in partnership with leading physicians, Cardiologs’ technology accelerates diagnostic reporting, reduces reporting errors and streamlines clinician workflow and patient care, enabling clinicians to provide expert cardiac care faster and more efficiently. CE-marked and FDA cleared for the detection of cardiac arrhythmias, Cardiologs’ technology is built on a growing database of over 20 million ECG recordings and is supported by several clinical publications.
“Offering superior clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings,” said Roy Jakobs, Chief Business Leader Connected Care at Royal Philips. “Philips’ global footprint can accelerate the availability of Cardiologs’ technology to patients all over the world and further deliver on the quadruple aim of an improved patient care experience, better health outcomes, improved staff experience, and lower cost of care.”
“We are delighted to become part of Philips and continue innovating together to provide solutions that empower clinicians all around the world,” said Yann Fleureau, Co-Founder and CEO of Cardiologs. “We look forward to the opportunity to expand the business as part of Philips, maintaining vendor neutrality and continuing to work with third-party vendors to drive further adoption of digital health solutions globally.”
Cardiologs’ approximately 70 employees, mostly composed of engineers and data scientists specialising in AI and deep learning algorithms, will join Philips and develop the company’s ongoing AI-focused innovation activities in conjunction with the company’s R&D lab in Paris.