Elucid raised $55 million in a Series D funding round to commercialize its cardiac imaging platform and expand its partnerships with medical device companies. The round included new and existing investors, including IAG Capital Partners and Elevage Medical Technologies, a Patient Square Capital affiliate, as well as a large medical technology company whose identity was not disclosed.
The funding brings Elucid’s total raised to approximately $185 million. It comes as the company prepares to launch a system that helps physicians identify blockages in major blood vessels and assess their impact on blood flow without invasive procedures.
A Platform Combining Vessel and Plaque Anatomy
Elucid’s Plaque-IQ program received clearance from the U.S. Food and Drug Administration (FDA) in 2024. The program converts coronary computed tomography angiography images into three-dimensional models, which it then uses to measure plaques and identify their characteristics. According to the company, insurance plans covering more than 70% of Americans could provide coverage for coronary plaque analysis by January 2026.
Elucid is also seeking approval to use computed tomography fractional flow reserve, known as FFR-CT. The product’s 510(k) submission remains under FDA review. The BioIntegrated FFR-CT product combines anatomical information, data on plaque biology, and physiological indicators to detect coronary blockages and estimate the extent of ischemia without surgical intervention. The product relies on the company’s plaque analysis algorithm.
What Changes in Practice?
Elucid aims to use Plaque-IQ and FFR-CT within a single platform to support clinical decision-making, rather than addressing the shape of the blockage alone. According to a statement attributed to CEO Kelly Huang, the company wants to integrate anatomy, biology, and physiology to help physicians classify patients at greatest risk and tailor treatment plans for coronary artery disease caused by atherosclerosis.
This strategy places Elucid in competition with companies including Heartflow. The company also noted that payers such as Aetna, Humana, Cigna, and UnitedHealthcare cover plaque analysis, and that the Centers for Medicare & Medicaid Services reimburse this approach.
Why Does This Matter?
The funding represents more than an increase in capital; it supports Elucid’s transition from software development and regulatory clearances to commercial expansion and the development of industry partnerships. The participation of a fourth publicly listed strategic investor, as described by the company, also reflects growing interest from the medical device sector in noninvasive cardiac diagnostics.
However, the expansion remains tied to two factors clearly identified in the source: the outcome of the FDA’s review of the FFR-CT submission and the company’s continued ability to expand insurance coverage and clinical use. The source does not provide details about the identity of the new strategic investor, the terms of the round, or the timeline for launching BioIntegrated FFR-CT.