eko.ai, a Singapore-based artificial intelligence-enabled medtech startup, announced recently that it had secured US$4 million in a Sequoia India and EDBI co-led funding round, which also saw the participation of other investors including SGInnovate, a Singapore government-owned organization that invests in deep tech startups; Partech Ventures, a global investment firm that had invested in Sigfox and Monax; and Startup Health, a company that invests in health entrepreneurs worldwide. Sequoia India is a venture capital firm specializing in early-stage and growth startups, while EDBI is a Singapore-headquartered global fund specializing in the knowledge and innovation-intensive sectors. According to eko.ai, the freshly acquired funds will enable the startup to scale up its development team and expand its commercial operations across Europe and the United States.
Dr. Carolyn Lam, receiver of the L’Oreal Women in Science Award and co-founder of eko.ai, said that the funding acquired from its latest funding round will enable the medtech startup to facilitate the exploration and innovation of new solutions that can positively impact the overall development and progress of echocardiography, which are diagnostic tests that utilize sound waves to create live heart organ images for monitoring by doctors and physicians. Ultimately, Dr. Carolyn notes that the startup intends to democratize the practise and make echocardiogram affordable and accessible to all regardless of social standing or constraint of resources.
Chu Swee Yeok, president and chief executive officer of EDBI, said that the Singapore-based global fund’s goal has always been to foster and accelerate the growth of home-grown startups and companies that show promise in creating and developing new and novel solutions in deep technology industries, which also encompass the field of healthcare and health services. Along with other investors that share the same vision and goals, EDBI believes that their support and investment in the heart health-focused startup will ignite the growth of the medtech startup and enable it to realize its vision of disrupting the health screening and imaging space through automating and democratizing the echocardiography process.
Established in 2017 by its co-founders Dr. Carolyn Lam, James Hare, Dr. Yoran Hummel and Dr. Paul Seekings, eko.ai is supported by the Agency for Science, Technology and Research (A*STAR) and has formed strategic partnerships with some of the industry’s best and most innovative echo core labs throughout the globe. The startup utilizes an AI-enabled decision tool that simplifies ultrasound of the heart for one-click automation of reports, thus greatly enhancing efficiency by significantly reducing the time required for measuring and reaching conclusions in health studies. eko.ai’s achievements have garnered it numerous awards and recognitions, including winning the grand prize at SLINGSHOT 2019 powered by Startup SG, being one of three winners at the Hello Tomorrow Singapore Regional Summit, and winning the Parkway Pantai Innovation Challenge 2019.
eko.ai, the Singapore artificial intelligence-enabled medtech startup, will use the US$4 million proceeds from its funding round to extend its global reach to European and American shores and to nurture the growth of its development team to bring about new and innovative solutions in the echocardiography space. With financial backing and support from like-minded investors such as EDBI and Sequoia India, the medtech startup may fulfill its goal of making heart health screening readily accessible to all soon enough.
