Philips to acquire AI-powered cardiac diagnostic technology developer Cardiologs – Mass Device

Philips Cardiologs
[Image from Philips/Cardiologs]

Royal Philips (NYSE:PHG) announced today that it signed an agreement to acquire Cardiologs and its artificial intelligence (AI)-based technology.

Amsterdam-based Philips said in a news release that France-based Cardiologs and its AI and cloud technology will further strengthen its cardiac monitoring and diagnostics offerings with innovative software, electrocardiogram (ECG) analysis and reporting services.

Financial terms were not disclosed for the transaction. The companies expect the deal to close in the coming months, subject to customary closing conditions.

Cardiologs’ offerings include a vendor-neutral heart disorder screener and ECG analysis applications based on machine learning algorithms. The company designed its technology to accelerate diagnostic reporting, decrease reporting errors and streamline clinician workflow and patient care. Its technology holds CE mark and FDA clearance for detecting cardiac arrhythmias.

“Offering superb clinical insights, as well as automated clinical reporting, Cardiologs’ medical-grade AI technology and data scientists will be a strong addition to our growing portfolio of cardiac solutions for hospital and ambulatory settings,” Philips Chief Business Leader for Connected Care Roy Jakobs said in the release.

“Philips’ global footprint can accelerate the availability of Cardiologs’ technology to patients all over the world and further deliver on the quadruple aim of an improved patient care experience, better health outcomes, improved staff experience, and lower cost of care.”

Cardiologs, founded in 2014, currently has approximately 70 employees, comprised mainly of software engineers and data scientists, who will join Philips and expand its AI-focused innovation activities with its R&D lab in Paris.

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