SAN FRANCISCO, CA—Avive Solutions Inc. announced June 23 it has raised an additional $7 million in funding, bringing the total raised to over $15 million since the company’s inception in 2017. Focused on addressing sudden cardiac arrest (SCA), Avive is a leading developer of a next-generation AED coupled with a platform solution for out-of-hospital cardiac arrest response.
This round was led by new investor Laerdal Million Lives Fund, with participation from Kenko Venture Partners, Irish Angels, and numerous renowned medical device executives and healthcare leaders from current and past companies such as ResMed, Hill-Rom, Evalve, and Northwestern Health.
While Avive is in the midst of the FDA review cycle, funding from this round will allow the company to begin preparing for commercial launch upon FDA approval. In addition, the funds will accelerate the company’s development of its platform solution and integrations with the emergency response ecosystem to revolutionize out-of-hospital cardiac arrest response.
SCA accounts for over 350,000 out-of-hospital deaths per year in the U.S. alone; it is the leading cause of death of people over age 40, and the leading cause of death for student-athletes, according to a company release.
Immediate treatment is crucial, as every minute a person goes without receiving a defibrillation shock reduces their chances of survival by 7-10%. Despite their best efforts, currently, the average response time of EMS in the U.S. is 8-12 minutes, making immediate access to an AED and use of the device by a bystander critical for the survival of a person in SCA, according to Avive.
“Over the past two decades, despite the AED industry deploying millions of units throughout the U.S., there has been no meaningful increase in SCA survival rates across the country,” said Sameer Jafri, president and cofounder of Avive Solutions. “For more than 20 years, the industry’s status quo approach to addressing this significant problem has been to deploy more and more hardware that has modest incremental feature improvements, without addressing the true problem that is inhibiting tens of thousands of additional lives from being saved every year—which is simply getting AEDs where they are needed, when they are needed.”
Avive believes that the combination of deploying advanced yet accessible hardware and novel software has the potential to massively impact SCA survival rates.
“By bringing data-driven connectivity in the form of an integrated software and device platform, we believe Avive can play a meaningful role across the chain of survival for cardiac arrest,” said Jeff Trost, managing partner of Laerdal Million Lives Fund. “By building a superior AED which includes features that create accessible CPR training, and developing a new system to improve rapid defibrillation, while also creating a data link to professional first responders, we are excited about the life-saving technology and opportunity Avive has in front of them, and we are passionate about helping them bring their product to millions of SCA patients.”
“We are excited to welcome such a strong group of new healthcare-focused investors to the Avive team—including Laerdal Million Lives Fund, who brings decades of experience pushing the forefront of the resuscitation market via their affiliation with Laerdal,” said Rory Beyer, CEO and cofounder of Avive Solutions. “Since our inception, we have been focused on challenging the status quo of the AED industry, which has not gone far enough in building holistic solutions to increase cardiac arrest survival rates. The continued alignment and commitment between our investors, our team, and our partners drive our strategic development forward and allows us to focus on executing our mission as we build a much-needed new paradigm for cardiac arrest response.”