Guiding cardiac AI start-up to $15M Series B

Client Overview

YorLabs is an Oregon-based medtech start-up developing a unique, AI-guided therapy solution to address unmet needs in cardiac imaging. The management and leadership team at YorLabs have extensive expertise in the healthcare and medical device industry, including numerous successful start-ups, and aim increase cardiac surgical outcomes by lowering the operational burdens faced by clinicians. 

Project Background and Scope

Ultrasound today is still constrained by the need for massive hardware resources, high upfront system costs, limited access, and suboptimal convenience. Yet, these resources still produce sub-par quality images. 

At the time this project began, YorLabs was developing a wireless, ultra-portable, AI-guided ultrasound device that would be a competitor to Butterfly Network’s iQ device. This type of device was going to significantly reduce the resources needed to perform an ultrasound while increasing the bottom line for HCP’s- especially those in general practice who already operate on smaller margins. However, as the project progressed, we decided to realign the values of the product with those of the shareholders and ultimately decided to shift the technology direction and rebrand the product for use in cardiology. 

Our Support

We worked alongside Yorlabs and their YorUltrasound product for 18 months- touching all parts of market research, financial analysis, valuation models, investor deck development, regulatory, competitive research, and branding. Carolyn was partnered with MedTech expert Henry Floreal to lead the commercialization planning efforts and frequently led shareholder meetings with VC’s, board members, c-suite executives and clinical advisors. 

Results

At project completion, Yorlabs received a $15M oversubscribed Series B round, led by Shangbay Capital.