BUSINESS WIRE. — TDK Corporation (TSE:6762) announces that subsidiary TDK Ventures Inc. adds to its growing portfolio of companies with an investment in Genetesis, a world leader in non-invasive biomagnetic imaging. Genetesis is the fifth investment by the TDK corporate venture capital (CVC) fund, and first in digital healthcare, since its July 2019 launch – with a mission to invest in innovative startups focusing on digital and energy transformation and contributing to sustainability.
“TDK’s rich history in magnetics and its recent breakthroughs in biomagnetics at picoTesla levels makes them one of our strongest partners to date,” said Peeyush Shrivastava, CEO and founder of Genetesis. “We are committed to bring the most accurate diagnostics that can assist emergency physicians and cardiologists in making the best decisions for cardiac health in a non-invasive and rapid fashion. We are elated to have TDK as our strategic partner because of their pioneering work in magnetic materials and its commercialization. Their recent leadership around supporting frontier-tech entrepreneurs caught our attention and we are excited about this next chapter.”
According to Managing Director Nicolas Sauvage, TDK Ventures investigated and researched companies with the most accurate, rapid and non-invasive cardiac diagnostics with potential for adoption by hospitals worldwide. Genetesis unlocks a spectrum of use cases in chest pain triage and cardiac diagnostics that provide both immediate and lasting patient benefit, and enables a clear, profitable business case for hospitals and payers.
Genetesis’ CardioFlux system detects tiny biomagnetic signals of the heart produced by cardiac tissue’s electrical activity when pumping blood. Within minutes, it identifies if patients with chest pain need interventional cardiac procedures, and ones that can be sent home safely.
“Genetesis’ Cardioflux system will save lives and reduce costs for emergency departments, as well as free up valuable resources like beds otherwise allocated for overnight observations in hospitals – invaluable in pandemic situations such as the one we have today with COVID-19,” Sauvage noted.
Genetesis, founded in 2013 by Peeyush Shrivastava and three other co-founders, installed its first prototype system at Michigan’s Ascension Hospital in 2017 to generate initial clinical results. Notable milestones include FDA approval of its MCG and HIPAA-compliant Faraday Cloud system, CMS reimbursement from Medicare, and two in-progress clinical trials. Genetesis aims to install more than 10 systems in 2020 to continue clinical studies for newer diagnostics, gather real-world data on health economic outcomes research, and obtain evidence to support private insurance coverage.