QT Medical® Announces Completion of Series B Financing of $12 Million

QT Medical® Announces Completion of Series B Financing of $12 Million

Los Angeles, CA (September 26, 2023)

QT Medical, Inc., a medtech company focused on cardiac care technology, announced today that it raised $12 million in Series B financing. This funding will accelerate QT Medical’s market penetration, global expansion, product pipeline development, and long-term strategic planning.

QT Medical aims to provide improved cardiac devices and services to revolutionize the care of patients with heart disease. Its flagship product, the Personal Cardiac Assistant (PCA 500)™, is the only hospital-grade, resting 12-lead ECG device cleared by the FDA and CE marked for both professional and patient use. This device is wireless, digital, cloud managed, weighs 2.3 ounces, and is less than 3 inches square in size. It is smaller than a deck of cards, fits in a shirt pocket or a mailing envelope, and utilizes phone/tablet apps. The proprietary single-use, self-adhesive sensor replaces traditional electrodes/wires. PCA 500 is currently being used across the continuum of care including on commercial flights for inflight medical emergencies, in schools for detecting student athlete risks for sudden cardiac arrest, in clinical trials for cardiac safety testing, as well as in urgent care centers, nursing homes, hospitals, digital health clinics, and by thousands of patients at home for self-care supervised by physicians.

Resting 12-lead ECG is the most used medical test for screening, diagnosing, and monitoring heart disease. However, traditional 12-lead ECG machines are bulky (requiring wheeled carts for mobility), inefficient, and can be used only by trained professionals. Single-lead ECGs, such as Apple Watch, may be useful for arrhythmia detection, but unlike 12-lead ECGs, it cannot provide a comprehensive view of the heart for potential coronary artery disease, cardiomyopathy, myocarditis, and many other cardiac and non-cardiac conditions.

"Our vision is to improve heart health around the world by empowering people with new medical technologies which promote improved personalized care. The Series B funding will accelerate our process towards achieving this goal," said Ruey-Kang Chang, MD, Chief Executive Officer of QT Medical.

Series B Financing

The Series B financing was led by CDIB Capital and Taiwania Capital. Cathay Capital, BE Capital, TMU Biomed, and existing investor, Quanta Computer, also joined the Series B round.
 “This financing round is crucial for us to accelerate growth and develop long-term strategies. We are changing the performance and delivery of cardiac care services by healthcare professionals and bringing this technology to millions of patients with heart disease for self-care at home,” Chang said.

For more information, please visit www.qtmedical.com.

About CDIB Capital

Formerly called China Development Industrial Bank, CDIB Capital was founded in 1959 and officially renamed with this underlying business transformation in March 2017. This evolution is underpinned by the goal of becoming the leading private equity and venture capital fund manager in the Asia-Pacific region.

About Taiwania Capital

Taiwania Capital is a venture capital firm founded in August 2017 by the National Development Fund of the Executive Yuan of Taiwan ROC and private enterprises. The mission is to establish a partnership with companies worldwide and boost Taiwan’s economic growth.