Calgary-based Circle Cardiovascular Imaging Concludes $3.9 Million Financing led by the Business Development Bank of Canada

Jul 12, 2011 | Corporate Member News

Circle Cardiovascular Imaging Inc. (Circle) announced today that it has concluded a $3.9 million financing led by the Business Development Bank of Canada (BDC).  BDC made its investment through its venture capital division in partnership with the Foundation Equity II Limited Partnership, First Yellowhead Equities Inc. and a group of seasoned Calgary independent investors.

The financing will enable Circle to accelerate the global commercialization of its advanced cardiovascular imaging software suite, providing cardiologists and radiologists with the best quantitative tools for diagnosing a wide range of cardiovascular diseases.  Additionally, the financing will enable the on-going development of the product suite, solidifying Circle’s position as a global leader in advanced cardiovascular imaging software.

Circle’s first commercially available product, cmr42, is used by world leading hospitals in 16 different countries, evaluating over 150,000 patients to date.  cmr42 is comprehensive, quick, and intuitive in its use, providing physicians with the tools to accurately diagnose complex cardiovascular diseases while improving patient outcomes and the effective utilization of healthcare resources.

“We believe Circle’s portfolio of market-leading software products will result in better patient care and physician workflow which is in-line with the BDC’s Health Venture Fund to invest in entrepreneurs that improves healthcare productivity,” states Gary Bantle, Partner, Health Sciences Group.

“We are excited about Circle and its product portfolio.  We are also excited by its traction and its market potential.  Circle is a great fit for what we do; grow and create shareholder value in Alberta-based technology companies,” says Mike Cabigon, President & CEO, Foundation Equity.

“Circle is now well positioned to capitalize on its early product and commercial success to expand into new geographic markets.  We have excellent partnerships with companies such as: GE, Agfa, Intrasense and TeraRecon and we look to further expand our reach through the addition of new partners.  Having a strong balance sheet is vital to the rapid growth of our sales efforts,” states Greg Ogrodnick, CEO, Circle Cardiovascular Imaging.

About Circle Cardiovascular Imaging Inc.
Circle Cardiovascular Imaging Inc. (Circle) is a Calgary-based company that develops third party post-processing software for the cardiac imaging industry.  Used by physicians and hospitals, Circle is becoming a prominent resource tool for the global cardiac imaging community.  Circle brings together an experienced and qualified team, including one of the world’s leading experts in Cardiac Magnetic Resonance, Dr. Matthias Friedrich.

About BDC
As Canada’s business development bank, BDC puts entrepreneurs first.  With almost 1900 employees and more than 100 business centres across the country, BDC offers financing, venture capital and consulting services to 29,000 small and medium sized companies.  Their success is vital to Canada’s economic prosperity.

About Foundation Equity
Foundation Equity is a venture capital fund based in Edmonton, Alberta with a 20 year history of building successful companies in oil and gas, software, and life sciences technologies.  Focused on Alberta and Western Canada, Foundation Equity invests in young companies differentiated by proprietary technology and well-defined business models.  For more information on Foundation Equity, visit or [email protected].

For further information:

Gary Bantle
Partner, Health Venture Fund
Business Development Bank of Canada
(403) 292-6931

Nate Glubish
Partner and Portfolio Manager
Foundation Equity II LP
(780) 544-2224

Greg Ogrodnick
Chief Executive Officer
Circle Cardiovascular Imaging Inc.
(403) 338-1870

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