Cleerly Raises $106 Million in Funding

Cleerly has further secured its financial future by closing a Series C extension funding round that raised $106 million. The funding round was led by global software investor Insight Partners and joined by Battery Ventures with participation from pre-existing investors.

“We are thrilled to receive this investment from Insight Partners, marking a significant milestone for Cleerly,” Cleerly Founder/CEO James K. Min, M.D., said. “This funding will allow us to expand our commercial reach, which is especially germane following our achievements in attaining Medicare coverage and a CPT Category I code for advanced plaque analysis. We are very excited to see our purpose-driven mission come to life, making advanced cardiac care accessible to more patients and working towards our goal of eliminating heart attacks.”

Cleerly plans to use the financing to scale its commercial growth and clinical evidence generation. The company aims to create a new standard of care for heart disease by developing U.S. Food and Drug Administration (FDA)-cleared solutions powered by artificial intelligence. The company’s advanced non-invasive computed tomography (CT) imaging technology enables comprehensive phenotyping of coronary artery disease, grounded in scientific research based on millions of medical images.

“We are excited to support Cleerly in its mission to revolutionize cardiac care,” Insight Partners Managing Director Scott Barclay stated. “Cleerly’s approach to advanced cardiovascular imaging, powered by AI-driven analysis, is elevating the field of diagnostic tools for coronary artery disease. With this investment, we look forward to helping Cleerly expand its reach and impact, bringing this potentially life-saving innovation to more patients and health systems nationally. We’re proud to be a part of Cleerly’s journey. As we’ve seen with their recent Medicare and CPT I code approvals, this technology is both valuable and ready today in the fight against heart disease.”

“Cardiovascular disease is the No. 1 cause of death globally and costs our country $422 billion annually,” Barclay continued. “Until Cleerly, healthcare providers have had no way to easily and completely assess plaque burden in a non-invasive manner. Cleerly’s software is able to precisely identify heart disease by analyzing non-invasive images—just like the revolutionary new technologies, mammograms and colonoscopies, that provide early detection for breast and colon cancer, respectively. This is what good software can do in the world.”

Cleerly wants to eliminate heart attacks by creating a new standard of care for heart disease. Through its FDA-cleared solutions driven by artificial intelligence, Cleerly supports comprehensive phenotyping of coronary artery disease, as determined from advanced non-invasive CT imaging. Cleerly’s approach is grounded in science, based on millions of medical images.

Insight Partners is a global software investor partnering with high-growth technology, software, and internet startup and scale-up companies that are driving transformative change in their industries. As of June 30, 2024, the firm had more than $80 billion in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an initial public offeringO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the San Francisco Bay Area.