SIMPLEX QUANTUM, Inc. Raises Round of Series A Funding

Medical information technology company receives investment of JPY550 million

TOKYO--(BUSINESS WIRE)--SIMPLEX QUANTUM, Inc. has raised JPY550 million in a round of Series A funding.

Simplex Holdings, Inc., along with the Technology Ventures No. 5 Investment Limited Partnership managed by ITOCHU Technology Ventures (ITV), and ITOCHU Corporation, invested the funds. This investment will help support SIMPLEX QUANTUM’s clinical trial currently underway for submission to Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) as well as future US Food and Drug Administration (FDA) approval processes.

Hideki Kaneko, president of Simplex Holdings, Inc., states, “SIMPLEX QUANTUM’s heart failure detection AI technology has generated interest from the healthcare industry, academia, and consumers. We expect SIMPLEX QUANTUM’s technologies and achievements will help bring synergies to our expansion into non-financial industries, and we look forward to developing new business opportunities that maximize both companies’ strengths going forward.”

Takeshi Abe, senior vice president of ITV, says, “This system synergizes advanced analysis technology, access to massive amounts of clinical data, and the expertise of healthcare specialists. We support SIMPLEX QUANTUM’s plans to become a game changer in the medical industry while making the most of cooperation with our medical network to supply clinical data for technology verification.”

Hiroshi Kajiwara, executive officer of the Information and Communications Division of ITOCHU Corporation, adds, “This breakthrough in detecting heart failure from an ECG is designed to reduce clinicians’ workload and the cost of care. We support the global expansion of SIMPLEX QUANTUM with access to our network.”

SIMPLEX QUANTUM recently announced receipt of a US patent for technology designed to reduce medical staff labor in determining heart failure stage. The system references data from hundreds of thousands of electrocardiograms (ECGs) and determines heart failure stage using deep learning methodology. SIMPLEX QUANTUM technology has not yet received US Food and Drug Administration (FDA) clearance for marketing in the US. However, with its pre-submission application to the FDA, the company initiated the regulatory pathway to market its technology as a medical device in the US.

SIMPLEX QUANTUM also recently completed a second US patent registration. It is for a system designed to accurately authenticate an individual’s electrocardiogram (ECG) waveform data.

About SIMPLEX QUANTUM, Inc.
Founded in 2014, SIMPLEX QUANTUM develops technology in collaboration with partners including the University of Tokyo Hospital and Japan’s Agency for Medical Research and Development. For more information, please visit https://simplex-q.com/en/.

About ITOCHU Technology Ventures (ITV)
Founded in 2000, ITV is the venture capital arm of ITOCHU Corporation, one of the world's largest companies with offices in more than 60 countries. ITV leverages the resources of ITOCHU to help leading information technology companies grow. Previous funding successes of the ITOCHU group include Siebel Systems, NVIDIA, Openwave and Aruba Networks. For more information, please visit https://www.techv.co.jp/en/.

About ITOCHU Corporation
With approximately 100 bases in 62 countries, ITOCHU is one of the leading trading corporations covering various sectors. As ITOCHU expanded its ICT business in the medical and healthcare field, ITOCHU successfully invested in DOCQUITY in 2019, the largest healthcare professions platform in Southeast Asia. The total investment amount is US$38 million. For more information, please visit https://www.itochu.co.jp/en/index.html.

Ryu Saito, CEO
telephone: +81 (03) 6450-3600
email: intl_pr@simplex-q.com