Cleerly, a startup focused on cardiovascular imaging, has secured $106 million in a Series C extension round led by Insight Partners. The company’s AI-powered software analyzes CT scans to detect early-stage coronary artery disease, addressing a critical gap in diagnosing heart conditions that often remain asymptomatic until severe or fatal.
Founded in 2017 by cardiologist James Min, Cleerly grew out of a clinical program at New York-Presbyterian Hospital/Weill Cornell Medicine. The company is conducting a large, multi-year clinical trial to validate its AI tool’s ability to detect heart conditions earlier and more accurately than traditional methods like blood pressure or cholesterol testing. Cleerly’s goal is to establish widespread screening for heart disease, akin to the role mammograms and colonoscopies play in cancer detection.
This new funding comes just two years after Cleerly raised $223 million in its original Series C round led by T. Rowe Price and Fidelity. The extension round allows Insight Partners to join Cleerly’s cap table without altering the company’s valuation. Scott Barclay, Managing Director at Insight Partners, emphasized that Cleerly’s rapid growth and potential for mass adoption motivated the investment.
Cleerly’s technology has gained regulatory traction, with FDA clearance for diagnosing symptomatic patients and Medicare approval for its plaque analysis test, a non-invasive alternative to traditional diagnostic procedures like stress tests or coronary angiograms. Min highlighted the compounded annual growth rate of over 100% for Cleerly’s commercially available software over the past four years, driven by increasing payer recognition of its diagnostic approach.
As Cleerly expands its market presence, competition looms from other AI-driven imaging companies like HeartFlow and Elucid. However, with an estimated 15 million individuals presenting heart issues annually, Min believes there’s room for multiple players in the field.
This funding round positions Cleerly to accelerate its growth and continue developing its AI-based solutions, potentially transforming the way heart disease is detected and managed globally.
Featured image courtesy of TechCrunch
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