Venture capital firm raises $90M, launches new AFib ablation company
Ajax Health, a California-based venture capital firm, has launched a new healthcare company focused on atrial fibrillation (AFib) ablation technology. The new entity, Cortex, has already raised $90 million in funding as it enters the market.
The new-look company will work to develop and validate next-generation AFib ablation devices, ultimately providing users with a suite of offerings that assist clinicians with the planning and delivery of this in-demand technology. That suite is expected to include diagnostic and pulsed field ablation (PFA) catheters that take advantage of mapping technology developed by Colorado-based Ablacon.
“Cortex's vision is to enable more intelligent AFib treatment," Duke Rohlen, CEO of both Ajax Health and Cortex, said in a statement announcing the launch. “We are developing solutions that prioritize precision, simplicity, and efficiency to simultaneously improve patient outcomes and lower procedural cost.”
Ajax Health and Cortex appear to have chosen a smart time to announce this news. The American College of Cardiology (ACC) and American Heart Association (AHA) just published updated guidelines for the diagnosis and management of a AFib that included a higher recommendation for catheter ablation. The technology is expected to see a significant increase in utilization and development in the years ahead.
This initial funding round was led by KKR, Hellman & Friedman, AI Life Science and other investors.
“Duke Rohlen and the Ajax team have cultivated an exceptional ecosystem of engineers and clinical experts with a clear plan to bring impactful new technology to clinical settings,” Ali Satvat, global head of healthcare strategic growth with KKR, said in the same statement. “We are pleased to continue our long-standing strategic partnership with Duke and join with a strong investor group to support Cortex as it pursues improved outcomes for cardiac arrhythmia patients.”
Ajax Health and KKR have a long history of working with one another. KKR helped create Ajax Health back in 2017, in fact, after industry veteran Rohlen had sold multiple healthcare companies for approximately $1 billion.
“There is a significant need in the medical device space not only for capital but also for operational expertise and guidance,” Rohlen said at the time. “With Ajax Health, we are eager to provide the resources necessary to enable companies to provide innovative medical treatments for the millions of people who need them.”
KKR and Ajax Health have remained close collaborators. Back in November, the two companies announced the formation of Maverix Medical, a collaboration with Hologic focused on advanced technology in the lung cancer space.
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.