Maxim Integrated Products said today it invested $800,000 in HD Medical to support the development HD Medical’s ViScope visual stethoscope technology.
HD Medical is developing a new scope which uses a low power chipset from Maxim, the companies said. HD Medical’s ViScopes are designed to produce visual heart waveforms in real-time allowing healthcare providers to both hear and see heart beats, which can be saved and shared.
“We believe that the product roadmap directly corresponds with the healthcare professional’s needs and also opens up opportunities in tele-medicine and home healthcare markets. Our goal is to ensure both our companies significantly contribute to the advancement of digital health,” Maxim senior veep Chris Neil said in prepared remarks.
Maxim will supply the funding in the form of a convertible promissory note that will convert into HD Medical’s next preferred equity round of financing, the companies said.
“With Maxim’s impressive investor confidence, HD Medical is well poised for future growth and investment. This agreement will accelerate as well as enhance our new product development and position us to ramp our revenues,” HD Medical CEO said in a prepared statement.
