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More on Kardia and Mayo Clinic

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More on Kardia and Mayo Clinic

Here's some from a story about Kardia Health Systems and Mayo Clinic. It will appear in the dead tree edition today.

A startup Rochester company has raised $3 million to take Mayo Clinic-created software to hospitals throughout the U.S. and around the world.

Kardia Health Systems, Inc. has licensed Mayo Clinic’s Echo Information Management System software, created for the hospital’s cardiology department. Now after raising $3 million in capital between January to May, the 11 to 12 person company is ready to start marketing the software.

"We’re taking a proven product and extending their reach to other laboratories and clinics," says Kardia President Sam Ashkar. "This software has been the center of the Echo Department for past several years
Kardia will launch the software product at the Annual Scientific Sessions of the American Society of Echocardiography in Seattle, Wash. this weekend.

Ashkar says Mayo Clinic’s Office of Intellectual Property (formerly known as Mayo Medical Ventures) owns 15 percent of Kardia. The rest is owned Rochester developer Gus Chafoulias and a Minneapolis-based business development company called Capital Growth Partners. Chafoulias is also chairman of the company’s board.

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Clarifying Mayo’s relationship with Kardia, Kathy Anderson of the Mayo Clinic Department of Public Affairs said, "Once we license it out with them, it is kind of their baby to run with."

"Mayo enters into hundreds of licensing relationships each year, this relationship is not unique," she wrote in an e-mail response to questions.

With the launch in Seattle, Ashkar expects Kardia’s employees to grow from about 12 to about 40 in the next year or two. The business has offices in Rochester and Minneapolis. The Rochester office in Suite 200 at 18 Third Street S.W. has seven or eight on staff. If Kardia grows to 40 employees, Ashkar expects about 30 to be in Rochester.

Mayo spinoff Kardia + $3 M
Mayo spinoff Kardia + $3 M

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