Tera Ventures leads the $1.7 million seed round investment to Transformative AI
Ellex in Estonia advised Tera Ventures in a $1.7 million seed round raised by Transformative AI that is developing software for predicting sudden cardiac arrest.
The round includes funding from the Wellcome Trust, which provided Transformative a Healthcare Innovator Award, and from InHealth Ventures, which had previously invested in Transformative’s pre-seed round. Investors Andrus Oks of Tera Ventures and Nick Slater of AI Seed are joining Transformative’s board.
Transformative’s first patented technology predicts sudden cardiac arrest by analyzing data from patient monitoring devices that are standard in hospitals. Transformative will use its seed funding to obtain FDA clearance for its first product and to begin developing technologies that predict other life-threatening conditions, according to Josh Oppenheimer, MD, MBA, the company’s co-founder and CEO and a practicing emergency medicine physician.
292,000 adults and 7,000 children suffer cardiac arrest in US hospitals each year, with only 25% surviving to hospital discharge, according to a 2019 estimate by the American Heart Association. Globally, 6 million people die from sudden cardiac arrest annually. The American Heart Association recommends early intervention – which Transformative’s technology enables – as the centerpiece of its guidelines on improving cardiac arrest care.
Andrus Oks, Tera Ventures’ founding partner, said that “investing in future technologies is essential so that the younger generation of researchers and innovators can develop solutions that will affect the future of all humankind.”
Tera Ventures was advised by Counsel Antti Perli.
Tera Ventures is a venture capital firm based in Tallinn, Estonia and focused on exceptional founders from Estonia, Scandinavia and CEE disrupting digital space globally. Tera builds presence and networks in the markets where our portfolio companies want to expand to – the UK, the US, and Asia. With presence in Estonia, Finland, and California, Tera Ventures is supported by a global advisory network and provides portfolio companies with access to expertise and hands-on support necessary to grow from seed stage to successful exit.
Transformative is a medical software company operating in the US, the UK, and Estonia. Its predictive patient monitoring software identifies patients at imminent risk of life-threatening medical events, enabling preventive care. Its first patented technology predicts in-hospital sudden cardiac arrest.