Magnetocardiography (MCG) based technology company, Genetesis, is TDK Ventures’ fifth investment from its $50 million venture fund, and first in the healthcare space.
Ohio-based Genetesis develops advanced medical imaging solutions for cardiac diagnostics.
Genetesis will leverage TDK Corporation’s global reach and deep expertise in biomagnetic sensors, piezo actuators, magnetic noise suppression, MEMS technologies, electronics.
TDK Corporation (TSE:6762) announces that subsidiary TDK Ventures Inc. adds to its growing portfolio of companies with an investment in Genetesis, a world leader in non-invasive biomagnetic imaging. Genetesis is the fifth investment by the TDK corporate venture capital (CVC) fund, and first in digital healthcare, since its July 2019 launch – with a mission to invest in innovative startups focusing on digital and energy transformation and contributing to sustainability.
“TDK’s rich history in magnetics and its recent breakthroughs in biomagnetics at picoTesla levels makes them one of our strongest partners to date,” said Peeyush Shrivastava, CEO and founder of Genetesis. “We are committed to bring the most accurate diagnostics that can assist emergency physicians and cardiologists in making the best decisions for cardiac health in a non-invasive and rapid fashion. We are elated to have TDK as our strategic partner because of their pioneering work in magnetic materials and its commercialization. Their recent leadership around supporting frontier-tech entrepreneurs caught our attention and we are excited about this next chapter.”
According to Managing Director Nicolas Sauvage, TDK Ventures investigated and researched companies with the most accurate, rapid and non-invasive cardiac diagnostics with potential for adoption by hospitals worldwide. Genetesis unlocks a spectrum of use cases in chest pain triage and cardiac diagnostics that provide both immediate and lasting patient benefit, and enables a clear, profitable business case for hospitals and payers.
Genetesis’ CardioFlux system detects tiny biomagnetic signals of the heart produced by cardiac tissue’s electrical activity when pumping blood. Within minutes, it identifies if patients with chest pain need interventional cardiac procedures, and ones that can be sent home safely.
“Genetesis’ Cardioflux system will save lives and reduce costs for emergency departments, as well as free up valuable resources like beds otherwise allocated for overnight observations in hospitals – invaluable in pandemic situations such as the one we have today with COVID-19,” Sauvage noted.
Genetesis, founded in 2013 by Peeyush Shrivastava and three other co-founders, installed its first prototype system at Michigan’s Ascension Hospital in 2017 to generate initial clinical results. Notable milestones include FDA approval of its MCG and HIPAA-compliant Faraday Cloud system, CMS reimbursement from Medicare, and two in-progress clinical trials. Genetesis aims to install more than 10 systems in 2020 to continue clinical studies for newer diagnostics, gather real-world data on health economic outcomes research, and obtain evidence to support private insurance coverage.
About TDK Corporation
TDK Corporation is a leading electronics company based in Tokyo, Japan. It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK’s comprehensive portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, Chirp, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in the areas of information and communication technology and automotive, industrial and consumer electronics. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2019, TDK posted total sales of USD 12.5 billion and employed about 105,000 people worldwide.
About TDK Ventures
TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company’s vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or firstname.lastname@example.org.
Genetesis is a medical technology company focused on redefining the way myocardial ischemia and coronary artery disease are detected. Founded in Ohio, Genetesis draws their experience from their team who come from Fortune 500 medtech companies and are dedicated to providing healthcare professionals and patients with reliable and safe products that simplify patient care. With their collective experience in emergency medicine, biomagnetism, and electronics, they built and deployed four clinical prototypes across the United States, which has resulted in amassing a large amount of clinical data through meticulously planned clinical studies. Genetesis’ first clinical study was published in International Journal of Cardiology and the company is eyeing a second FDA clearance by the end of 2020. Armed with this new pending approval, Genetesis plans to scale their Cardioflux device into hospitals across the globe.