Our team advised the venture capital fund CoInvest Capital on investing in a remote heart rate monitoring system developed by Lithuanian startup Zive. The device helps to monitor the activity of the human heart, at home or at a medical institution.
In addition to CoInvest Capital, four business angels have invested in the startup. The total investment amounts to EUR 250,000.
The product may have a significant impact in preventing heart disease
Zive will use the funding to develop software based on artificial intelligence to extend the device‘s functionality. The new software will enable data analysis and the presentation of conclusions.
“To ensure the wide applicability of the device, it is very important to develop software that will allow the storage and analysis of cardiogram data. We plan to complete the development of the software in 2022,” comments Ignas Griškevičius, Zive’s chief technology officer.
“Artificial intelligence and machine learning solutions have accelerated the transformation of the medical device sector, which is gaining momentum. We decided to invest in Zive because of its strong team with many years of experience, and a product that will make a big difference in the field of heart disease prevention,” says Viktorija Vaitkevičienė, CEO at CoInvest Capital.
Fund’s third investment in a medical technology startup
This is CoInvest Capital’s third investment in a medical technology startup. We also advised the fund on investing in the medical imaging startup Oxipit and in a cardiac ultrasound diagnostic solution, Ligence.
Our services and the project team
We advised the client on all issues related to the investment. Our team consisted of partner Mantas Petkevičius; and senior associates Inga Macijauskaitė, Aurelija Daubaraitė and Irma Kirklytė; as well as counsel Stasys Drazdauskas.