Egypt-based angel investment group Acasia Angels has participated in the $750,000 Seed round in UK-based medtech Precision Cardiovascular, along with the company directors and external medtech angel investors.
Founded in 2021 by David Hampton and Mohamed Abou-Alam, Precision Cardiovascular provides direct, objective information to improve long-term health outcomes and prevent costs of emergency events, through a patented sensor system for remote monitoring of patients with acute heart failure.
“Cardiovascular diseases tend to lead to progressive heart damage and drive people towards expensive hospitalizations. Both of those shorten lives and drive up the cost,” Abou-Alam explained. “Acasia Angels was our soft entry point to the world of investment and helped us gain a good understanding of what makes a startup appealing to a wider market through focusing on our data.”
This is the third medical-device startup of Precision’s COO David Hampton, who has dedicated his life to building devices that make medical treatment more efficient and lead a graduate program in medical devices and diagnostics at the University of Cambridge. He is joined by Egyptian venture fund partner Mohamed Abou-Alam, CEO of Precision, who sits at the intersection of engineering, health, and investment and had already invested in the startup before joining its executive team. Precision’s CTO Steve Fowler is a biosensor specialist that has brought multiple award-winning products to market, while the Founder of S-Cube Systems for global regulatory compliance Anindya Mookerjea is responsible for quality assurance.
The company’s board of directors is chaired by Martin Bloom and further comprises pioneering heart transplant surgeon Sir Magdi Yacoub, Imperial College London professor Chris McLeod and Dr. Reza Bahmanyar. Precision is housed in the clinical research center The Magdi Yacoub Institute to conduct product development.
About 2-3% of people globally are affected by heart failure, namely weakness in pumping blood to the body. There are over one million severe Advanced Heart Failure patients in the US, of which 50% die within five years as damage to the heart accumulates. Clinic visits which might slow progression are difficult and expensive and daily weight and symptom reports cannot predict damaging events. The micro-sensor is still undergoing animal testing and is expected to hit US market entry in 2026 after it becomes eligible for FDA approval. The company has so far licensed long-term patents, proven the final prototype and established links to relevant suppliers.
“While financial returns are important factors for any investor in making investment decisions, what drew me to invest in Precision is my strong belief in its leadership team’s vision to revolutionize the management of heart failure and other cardiac conditions,” Angel Investor Arige Ali said. “With innovative technology accessible and affordable to everyone and a commitment to improving healthcare outcomes, I am confident that we will be witnessing a significant impact on and an enormous contribution to people’s lives and the medical industry”
Precision Cardiovascular has raised a total of $600,000 to this date.