Portable defibrillator company Avive Solutions raised $56.5 million in growth equity financing to build out its staff and commercial developments.
The company has established a network of connected defibrillators across U.S. cities to expedite the time to AED intervention for a person undergoing sudden cardiac arrest, which is crucial to survival.
Questa Capital, Laerdal Million Lives Fund and Catalyst Health Ventures led the funding round. RC Capital and Eckuity Capital invested in Avive for the first time during the round, the company said in a press release April 18.
According to a study by the National Institutes of Health the company cited in its release, only 4% of sudden cardiac arrests involve AEDs, leading to a 10% nationwide survival rate, despite the efficacy of AED intervention within the first few minutes of the event. Avive provides connected AEDs to corporations, government agencies, fitness chains, universities and school districts. The Avive Connect AED was launched in the summer of 2023.
The company's Avive Connect AED has robust internet connectivity via cellular, WiFi, GPS and Bluetooth that powers several of Avive's software solutions.
Avive has also built out its "4 minute city" initiative in select cities across the country. The company maps SCAs across the city and strategically locates AEDs for bystanders and emergency service providers to use. These communities leverage Avive's software to network those AEDs into their 911 and public safety ecosystems through the company's partnership with intelligent safety company RapidSOS.
Carrollton, Texas, is the fourth and latest city to join the initiative, with more expected to launch in 2024.
"Avive is poised to disrupt a critical, but innovation-starved market—automated external defibrillators," says Ryan Drant, managing partner at Questa Capital and Avive board member. "The visionary team led by Sameer Jafri, Rory Beyer, and Moseley Andrews has fundamentally transformed AEDs by integrating seamless, wireless connectivity. This connectivity not only allows for remote device monitoring and management, but crucially, can enable much faster response times to emergent cardiac arrest events."