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Norwest Venture Partners helps iRhythm Technologies raise $16m

10 Apr 2013

san francisco tram_sqNorwest Venture Partners has led a $16m Series D round for iRhythm Technologies to help the diagnostic monitoring specialist expand operations and develop new technologies.

Existing backers New Leaf Ventures, Synergy Life Science Partners and Kaiser Permanente Ventures also participated in the round.

The company’s main product is the Zio Patch,  a single-use monitor which captures data to be processed and analyzed by certified cardiac technicians using iRhythm’s rhythm analysis. Key findings are then highlighted in the Zio Report.

NVP partner Casper de Clercq said, “By combining advances in electronics and dramatically simplified ergonomics, iRhythm has developed an FDA-cleared medical device which intuitively improves patient compliance and diagnostic utility.

“The recent study shows that the Zio Patch System offers a significant improvement in diagnostic accuracy over traditional ‘gold-standard’ Holter monitoring.

“Hospitals and payers have taken note of this solution because of the efficiency and efficacy for patients and physicians, which have the potential to reduce overall cost of care.”

Palo-Alto-based Norwest, which currently manages more than $3.7bn, is focused on early to late stage venture and growth equity investments in various sectors including technology, business services and healthcare.

Earlier this month Norwest provided a further $8m to Indian online retailer Pepperfry.com.

Back in February the firm led a $15m Series B funding round for US-based customer service specialist STELLAService.

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