Square 1 Bank Provides AliveCor Facility
Square 1 Bank provided a $3 million credit facility to new client AliveCor. Proceeds of the credit facility will provide the company with working capital to continue product development and pursue strategic growth opportunities.
“We are continuing to achieve many significant milestones. In March, our users recorded more than 200,000 ECGs, pushing us past two million ECGs recorded. Additionally in Q1, we shipped a record 9,000 devices,”
said Euan Thomson, president and chief executive officer at AliveCor.
“We are committed to continuing to grow and innovate in the cardiac health market. With this additional capital, we have the opportunity to invest and develop our technologies to ensure we meet the needs of both new and existing patients and physicians.”
Ben Colombo, managing director in Square 1 Bank’s life sciences practice, added, “With investor backing from Khosla Ventures, AliveCor has positioned itself as a leader in the mobile health industry. We are excited to support their commitment to patient care and mission to treat preventative heart conditions.”
San Francisco-headquartered AliveCor is a global innovator in mobile technology for heart health.