Insight Partners Backs Cleerly with $106M to Drive AI-Driven Heart Disease Detection

Cleerly, a cardiovascular imaging startup, is working to address one of the most significant challenges in healthcare: heart disease, the leading cause of death in the United States. Despite heart disease’s prominence, a large portion of individuals who suffer heart attacks are unaware that they have an underlying condition. Cleerly aims to change this reality by using artificial intelligence to analyze CT scans of the heart. The company’s AI-driven software identifies early-stage coronary artery disease, providing a method of detection akin to how mammograms and colonoscopies screen for breast and colon cancer.

According to James Min, a cardiologist who founded Cleerly in 2017, most people who eventually succumb to heart disease or heart attacks show no symptoms prior to the event. This presents a challenge in early detection, and Cleerly’s mission is to change the current approach to screening. The company is currently conducting a large, multi-year clinical trial to demonstrate that its heart screening method can identify heart conditions in people without any symptoms, offering a more accurate diagnostic tool than traditional non-invasive techniques such as blood pressure or cholesterol level assessments.

Cleerly’s success in gaining regulatory clearance to screen large populations for coronary artery disease could prove to be a major breakthrough. If the company’s screening method receives approval, it could significantly expand Cleerly’s market reach, offering both a business growth opportunity and the potential for saving countless lives by identifying heart disease before symptoms develop.

Investor interest in Cleerly has been significant, reflecting the growing belief in the potential of its technology. Recently, Cleerly raised $106 million in a Series C extension round led by Insight Partners and supported by Battery Ventures. This funding comes on the heels of a $223 million Series C round raised just over two years ago, which was led by T. Rowe Price and Fidelity. An extension round typically implies that the company is not yet ready for a new round of funding at a higher valuation, but Insight Partners’ involvement highlights Cleerly’s strong growth and potential. Scott Barclay, managing director at Insight Partners, explained that this additional capital would help fund future growth and multi-site clinical trials, reinforcing Cleerly’s financial position as it continues to expand its reach.

While Cleerly has not necessarily needed additional capital, Min expressed excitement about the involvement of Insight Partners, one of the largest enterprise software investors. This partnership is seen as beneficial for Cleerly’s next phase of development, as Insight brings a wealth of expertise that could further accelerate the company’s growth.

Cleerly has already received regulatory approval for its algorithms to diagnose symptomatic patients, and its plaque analysis test was recently approved for coverage by Medicare. Plaque buildup in the arteries is a key contributor to heart attacks, and Cleerly’s AI-driven approach provides a less invasive and more efficient alternative to traditional diagnostic methods, such as stress tests and coronary angiograms. Health insurers and Medicare’s approval of Cleerly’s diagnostic method demonstrates growing confidence in the company’s technology, and its non-invasive approach could make heart disease screening more accessible to a wider population.

Since the launch of its commercial operations four years ago, Cleerly has experienced rapid growth, with a compounded annual growth rate exceeding 100%. The company’s technology has now been recognized by major payers, including health insurers and Medicare, for the 15 million people who seek care for heart disease each year. Cleerly’s increasing market penetration and positive reception indicate that its growth trajectory will continue as it pushes toward full FDA clearance for general heart screening.

While Cleerly faces competition from other companies in the AI-driven heart imaging space, such as HeartFlow and Elucid, the sheer scale of the potential market for heart disease screening means there is room for more than one player to succeed. Cleerly’s ability to screen entire populations, particularly those at risk for heart disease, positions the company as a leading contender in the field. Given the immense scope of the issue, Cleerly is poised to make a transformative impact on cardiovascular health, improving outcomes through early detection and better management of heart disease.

In summary, Cleerly’s AI-driven heart disease screening technology offers a promising future for both the healthcare industry and public health. By providing an innovative method to detect coronary artery disease early, before symptoms appear, Cleerly is addressing a major unmet need. The company’s rapid growth, successful regulatory milestones, and substantial investor interest underscore its potential to revolutionize heart disease prevention and detection on a global scale.