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HESS Industries Ltd. at the Braintree Business Development Center in Mansfield - Photo Bob Perkoski
HESS Industries Ltd. at the Braintree Business Development Center in Mansfield - Photo Bob Perkoski | Show Photo

Innovation & Job News

Heartlab's $18.4-million financing paves the way for faster growth

Cleveland HeartLab is moving quickly in the prevention and detection of cardiovascular disease. The company, spun off from the Cleveland Clinic in 2009, is a clinical laboratory and disease management startup that has developed a series of diagnostic tests for determining the risk of heart disease and stroke.
 
The company, which has grown from eight to 80 employees in two years, just completed an $18.4 million Series B financing round with Excel Venture Management and HealthCare Ventures, both out of Boston.
 
The investment will allow Cleveland HeartLab to expand -- both in employees and market acceptance. In addition to its current offerings, the company plans to introduce additional diagnostic tests in 2012. "The goal is to eliminate the threat of vascular inflammation," he says.
 
"The funding allows the company to double in size again," says Jake Orville, president and CEO. "And we've just committed to moving off [the Clinic's] campus to the Health Tech Corridor."
 
Orville predicts the company will double again in the next two years, adding positions in management, sales, marketing, and research and development. He attributes his company's growth to a talented, dedicated staff.

"We have the gift of really good novel technology," he says. "Combine that with really good people and a really good business plan."
 
Source: Jake Orville, HeartLab
Writer: Karin Connelly

This story originally appeared in sister publication Fresh Water Cleveland.
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