Sequoia India, EDBI lead $4m funding in SG-based medtech startup eko.ai

Singapore-based AI-enabled medtech startup eko.ai has snapped up a $4-million financing co-led by Sequoia India and Singapore government-linked strategic investor EDBI, per an announcement.

Other investors joining the round are Partech Ventures, SGInnovate and Startup Health.

Founded in 2017, eko.ai has developed a machine learning platform to automate the manual process of measuring and interpreting echocardiograms, which is known as ultrasound images of the heart.

The company said it will use the funding to grow its development team and accelerate commercial operations in the US and Europe.

“With this funding, we can further develop our innovative solutions with the ultimate goal of democratising echocardiography – the safest and most commonly used tool to image the heart,” said Carolyn Lam, co-founder of eko.ai.

The startup claimed its potential applications and tools could range from expanding the use of echocardiography in clinical care to improving the performance of cardiovascular clinical trials, especially for the early detection and prediction of heart disease.

eko.ai has had commercial and academic research collaborations with partners such as AstraZeneca, Brigham and Women’s Hospital, Samsung Medical Center’s Heart, Vascular and Stroke Institute and the University of Alberta, it said.

“Nurturing innovative home-grown companies in deep tech industries including healthcare remains a cornerstone of our investment priorities and together with like-minded investors, eko.ai will have a booster shot to transform medical diagnostic imaging and delivery of care to cardiovascular patients,” said EDBI’s CEO and president Chu Swee Yeok.

eko.ai was co-founded by James Hare, a serial entrepreneur and investor, Dr Carolyn Lam, a senior consultant cardiologist at the National Heart Centre Singapore and professor at Duke-National University of Singapore, and Dr Yoran Hummel, founder and former general manager of the Groningen Imaging Core Laboratory of the University Medical Center Groningen.

“The combination of Carolyn’s deep domain knowledge, James’ commercial acumen and his experience as a founder are truly unique and compelling,” said Pieter Kemps, a principal at Sequoia India.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.