Precordior in brief
Cardiovascular diseases (CVD) are the most common cause of death in the world accounting for loss of 17.9m lives per year. In Europe CVD accounts annually for 3.9m fatalities and $233b in costs. In the USA, CVD causes 840,000 deaths and $555b in costs every year — and this cost is expected to double by 2035. Early identification and treatment of CVD such as atrial fibrillation (AFib), heart failure (HF), and coronary artery disease (CAD) would help prevent strokes and heart attacks, and improve outcomes for individuals and society. Precordior's technology allows easy, accurate monitoring of the heart to identify serious symptoms.
In 2012, a forerunner team of Finnish researchers set out to explore micro-motions of the chest and what these can tell about the condition of your heart. As it turned out, quite a lot.
The saga of Precordior dates back to 2011, when Tero Koivisto, a researcher at the University of Turku, and Tuomas Valtonen, a specialist in public research funding, visited companies throughout Finland to explain why personal health technology will be the next big thing on the global market. This led to the first research project in 2012, Whispers-Start, resulting in the group's earliest inventions and patent applications. During 2012—2016 the research group received more than $6m in funding, research efforts driven by Tero Koivisto and Dr. Mikko Pänkäälä, the third founder of Precordior.
In late 2016, amidst the emerging healthtech wave, Precordior Ltd. was established together with angel investors Henri Klimscheffskij and Silja Bjondahl. The core team was further strengthened by Ph.D. MD Cardiologist Juuso Blomster with extensive medical knowledge on the heart and disorders.
With a strong scientific foundation, we knew that our focus would be in converting technological excellence into commercial success. The health and well-being of our customers is our utmost priority. Therefore, we chose the harder but ethically sound path: Precordior would be a certified provider of medical devices based upon science.
In February 2019 we were formally certified as a ISO 13485 compliant provider of medical devices. At the same time, our solution for detection of Atrial Fibrillation via smartphone was approved as a CE IIa class medical device, enabling sales in the European Economic Area. With a fresh investment round in spring 2019, the company grew to ten employees and our financial position was further enhanced in 2020 as the European Commission awarded Precordior a $2.2m EIC SME2 grant.
In 2020, Precordior continues the nearly decade-long scientific work on ground-breaking new methods for cardiac analysis. We have started commercial sales and marketing, are engaged in European research projects and are rapidly growing.
Today we are expanding sales of CardioSignal by Precordior®, our CE IIa certified smartphone solution for detecting atrial fibrillation, from our home market in Finland to a number of other European countries. This April we opened sales in the United Kingdom, Ireland and Sweden. The next European market areas will include among others Germany, France, Spain, Italy, the Netherlands and Belgium. Eventually sales will cover most of Europe. We are also planning to expand sales into other global regions, including the USA and Asia.
We have grown from four founders and two investors into a team of 18 experts, further expanding to 20 persons by the end of 2020, backed by a group of nine investors. We are currently participating in three European funded projects – Applause, Moore4Medical and CardioSignal – the latter of which is our company's own EIC SME2 funded project worth over $3.1m.
As an ISO 13485 certified company, quality is in the essence of all of our activities. Our entire staff follows and abides by rigid rules and procedures to ensure the quality and reliability of our products. We take pride in running a well organised business operation and providing quality service to our customers.
In short, we are proud to offer our solutions to the global community, empowering people to reliably monitor their health and improve quality of life.
Our first commercial solution detects AFib via the smartphone with more than 95% reliability. Next we shall extend detection capabilities to other dangerous heart conditions and enter new market areas beyond the EU. We will also develop advanced solutions for continuous and long-term cardiac monitoring.
Winning the EIC SME2 grant from the European Commission represents a major milestone in our company's path towards the global markets. On one hand, the grant is only awarded to the top 4% of applying European SMEs, and we are proud to join this highly selective group of SMEs expected to move the future market. On the other hand, the $2.2m grant now enables Precordior to aim beyond atrial fibrillation and at detecting other often unnoticed but deadly cardiac disorders: heart failure (HF) and coronary artery disease (CAD). After the SME2 project in 2022, we plan to launch our HF and CAD product suite to the market.
We are also participating in several other European funded projects. In the $38.4m Applause project we are developing a flexible multi-sensor patch for continuous cardiac monitoring and detecting of HF over a two-week period. In the $74.1m Moore4Medical project we develop a bed monitoring system for cardiac monitoring and detection of AFib, HF and CAD during sleep. We also plan to enhance our bed monitoring capabilities in a new proposed $38m EU-funded project targeting real-time monitoring of vital signs of newborns.
By 2025 our target is to provide a full range of cardiac monitoring solutions from one-minute measurements (via app) to 24/7 monitoring for up to two weeks (via patch) to long-term monitoring for months to years during sleep (via bed monitoring).
As cardiovascular diseases recognize no borders, Precordior aims at expanding its reach to the entire global community. Today more than three billion people use smartphones, many of whom could benefit from our products. New markets require regulatory work, localization and regional marketing partners.
Precordior implements a systematic approach to entering new markets. In 2020–2021, we are expanding our regulatory approvals and sales permits for AFib detection to areas beyond Europe. From 2022, we plan to provide our new CAD and HF capabilities to the global market.