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HeartFlow Completes Series E Financing, Securing $240 Million
Proceeds Will Support Commercialization of HeartFlow® FFRct Analysis,
Continued Technology Innovation and Additional Clinical Studies
REDWOOD CITY, Calif. - February 14, 2018 - HeartFlow, Inc. today announced the closing of
its Series E financing, securing $240 million. The company will use the proceeds from this
financing to ramp up commercial expansion of the HeartFlow® FFRct Analysis, continued
technology innovation and additional clinical studies. The HeartFlow Analysis is a non-invasive
technology that creates a personalized 3D model of the heart to help clinicians diagnose and
treat patients with suspected heart disease. The financing includes investments from Wellington
Management, Baillie Gifford & Company and existing investors.
“We are incredibly pleased to have Wellington Management Company LLP and Baillie Gifford &
Company as anchor investors. This financing will enable us to drive commercial success of the
HeartFlow Analysis, which is poised to become the global standard of care in the diagnosis of
coronary artery disease,” said John H. Stevens, M.D., president and chief executive officer of
HeartFlow. “Given our recent momentum with clinicians, the Centers for Medicare & Medicaid
Services, commercial payers and strategic collaborators, we are well positioned for growth.”
HeartFlow has made significant progress in developing and commercializing its pioneering non-
invasive technology. The HeartFlow Analysis has been used by clinicians at more than 80
medical institutions around the globe. In the United States, several commercial payers issued
positive coverage decisions and the Centers for Medicare & Medicaid Services (CMS) assigned
a New Technology APC payment for the HeartFlow Analysis. Additionally, the National Institute
for Health and Care Excellence (NICE) in the U.K. issued a positive guidance recommendation
for the use of the HeartFlow Analysis.
"We are delighted to be investing in HeartFlow on behalf of our clients,” said Peter Singlehurst,
investment manager at Baillie Gifford & Company. “Heart disease is the leading cause of death
globally, in part owing to the difficulties around diagnosis. The HeartFlow Analysis improves
patient experience and outcomes, whilst also reducing costs for overstretched healthcare
systems -- a dual objective that many healthcare companies strive for but few achieve. The
underlying technology developed by HeartFlow also has the potential for broader applications
for heart disease and other conditions. The capital raised here will enable HeartFlow to push
forward with commercialization and invest for long-term success by continuing to advance the
ways in which it can help patients and physicians.”
Coronary artery disease (CAD) affects 400 million people globally,i and develops when the
coronary arteries narrow, reducing blood flow to the heart and causing chest pain (angina),
heart attack (myocardial infarction) and death. The HeartFlow Analysis is the first and only
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commercially available non-invasive technology to provide insight into both the extent of CAD
and the impact of the disease on blood flow to the heart.
About the HeartFlow FFRct Analysis
Clinicians diagnosing someone with suspected CAD want to know as definitively as possible if
the individual has a significant blockage in their coronary arteries. They also want to know the
impact of that blockage on blood flow so they can best determine which treatment pathway is
appropriate (e.g., medical management, stenting or coronary artery bypass grafting).
Data from a patient’s non-invasive coronary computed tomography angiogram (CCTA) are
securely uploaded from the hospital’s system to the cloud. HeartFlow leverages deep learning
to create a personalized, digital 3D model of the patient’s coronary arteries. The HeartFlow
Analysis then uses powerful computer algorithms to solve millions of complex equations to
simulate blood flow and assess the impact of blockages on coronary blood flow. The HeartFlow
FFRct Analysis is provided via a secure online interface to offer actionable information to enable
clinicians to determine the optimal course of treatment. To date, clinicians around the world
have used the HeartFlow Analysis for more than 15,000 patients to aid in the diagnosis of heart
This technology has been demonstrated to reduce unnecessary and invasive diagnostic
coronary angiography procedures, which can be associated with bleeding, stroke, major blood
vessel damage and other serious complications. It also significantly reduces healthcare costs
for hospitals.ii
About Baillie Gifford & Company
Baillie Gifford & Company is an asset management firm founded in 1908 and headquartered in
Edinburgh, Scotland. It employs more than 980 people and had assets under management and
advice of over £166 billion as of June 30, 2017. For more information, visit
About HeartFlow, Inc.
HeartFlow, Inc. is a medical technology company redefining the way heart disease is diagnosed
and treated. Our non-invasive HeartFlow FFRct Analysis leverages deep learning to create a
personalized 3D model of the heart. By using this model, clinicians can better evaluate the
impact a blockage has on blood flow and determine the best treatment for patients. Our
technology is reflective of our Silicon Valley roots and incorporates decades of scientific
evidence with the latest advances in artificial intelligence. The HeartFlow FFRct Analysis is
commercially available in the United States, Canada, Europe and Japan. For more information,
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Media Contact:
Jennie Kim
i Murray C, et al. Global, regional, and national burden of cardiovascular diseases for 10 causes, 1990 to 2015.
JACC. 2017. DOI: 10.1016/j.jacc.2017.04.052.
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ii Douglas PS, DeBruyne B, Pontone G., Patel MR, et al. One-year outcomes of FFRCT-guided care in patients with
suspected coronary disease: The PLATFORM Study. J Am Coll Cardiol. 2016;68(5),435-45.
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