Oracle Health

Oracle Health is attempting to solve a $21 billion problem.

It’s a medical technology company that’s created a tiny, implantable cardiac device. This device monitors patients suffering from heart failure, and reduces the need for hospitalizations. It even enables physicians to detect signs of heart failure before the onset of symptoms.

Heart failure is a cardiac condition that often results in breathing problems and frequent hospitalizations. Patients have weakened heart muscles, whose job it is to pump blood throughout the body. As the heart begins to fail, fluid slowly accumulates in the lungs, which can lead to sudden and severe breathing problems.

In the U.S., 6 million patients suffer from heart failure. And because of a lack of remote monitoring solutions, they’re often referred to the Emergency Room and hospitalized — even if it’s a false alarm. More than 1 million people are hospitalized due to symptoms of heart failure. And these instances cost the healthcare industry $21 billion a year.

Current options for monitoring heart failure patients are problematic. Wearable monitors, for example, suffer from low accuracy and limited data gathering. Therefore, they’re not relied on as long-term solutions.

Other devices are more accurate. But they must be surgically placed using invasive procedures. Furthermore, they’re often expensive, complex, and require upkeep from the patient.

Oracle Health has created an alternative. Its device features the ease of wearable monitors with the accuracy of surgically-implanted devices.

The company’s cardiac device is inserted subcutaneously (i.e., under the skin) in an office procedure that takes just two minutes. Once administered, the device monitors a person’s heart sounds and heart rhythms. No other device monitors both. It also collects and transmits heart-related data securely to a patient’s smartphone, then to a cloud-based algorithm for comprehensive analysis by a cardiologist.

The device doesn’t require any upkeep from the patient. It is equipped with a three-year battery and is reimbursable through most health insurance plans.

Oracle Health’s device relies on three main features: an acoustic sensor, electrocardiography (ECG), and a 3-Axis Accelerometer. The acoustic sensor listens to heart and lung sounds, while the ECG records heart rhythms. The accelerometer records activity, posture, and body orientation.

By tracking trends in a patient’s heart rhythms and sounds, physicians can detect heart failure before the onset of symptoms. This gives them actionable data to steer the patient away from further complications. It also enables them to prioritize at-risk patients, implement therapeutic interventions, and prevent hospitalizations.

Oracle Health’s device was created by a team with 180 years of combined experience in the areas of heart failure and implantable devices.

CEO Jaeson Bang was a cardiology manager for Abiomed, a publicly-traded medical company creating a micro heart pump for those suffering from cardiac arrest. And Director of Technology Randy Armstrong has 30 years of medical device development experience. He was a systems engineer with Cameron Health, a company developing a subcutaneous implantable defibrillator, which was acquired by Boston Scientific for $1.3 billion.

It costs Oracle Health $1,000 to manufacture each device. And the company retails each for $5,300. Its go-to market is half a dozen hospitals throughout Texas and Florida. Oracle Health projects its first 5,000 implants to generate $26 million in revenue within the next four years.

To date, Oracle Health has filed for a non-provisional patent for its device, and it’s conducted human testing at Maastricht University. It also has a non-disclosure agreement with top medical centers for a human implant clinical trial.

Notably, this company has gone through the prestigious Johnson & Johnson Innovation Labs “JLABS” accelerator. This accelerator is one of the nation’s top programs for biotech companies. Between 2012 and 2018, more than 430 startups went through this program. And as of 2020, 88% were still in business.

JLABS has helped startups raise more than $11 billion in funding. And it’s helped several companies either get acquired or go public.

With funds raised, Oracle Health will continue testing and development on its cardiac device, and will seek to receive clearance from the FDA. It aims to have an animal-ready device by Q2 2021 and a patient-ready device by Q3 2022.

Team Background

Jaeson Bang - Founder & CEO

Jaeson has significant expertise in med-tech companies, and more specifically, companies focused on heart conditions.

Jaeson started Oracle Health after nearly four years at EBR Systems, a Silicon Valley-based medical technology startup. At EBR, he worked with the CTO and R&D engineers on device development, and led a team of therapy development managers and field clinician engineers.

Prior to that, he worked at Keystone Heart, a venture-backed med-tech company.

Earlier in his career, Jaeson was a cardiology account manager for Abiomed (Nasdaq: ABMD), which was creating a micro heart pump for those suffering from cardiac arrest. He was also a regional manager for CVRx, a startup backed by Johnson & Johnson developing proprietary implantable technology for the treatment of high blood pressure and heart failure.

He began his career at Medtronic as a senior clinical specialist and sales rep.

He earned a Bachelor’s degree in Biology from UCLA, and an MBA from Northwestern University.

Jim Georgakopoulos - Director of Science

Jim has 20 years of experience studying the science of heart failure and working with startups.

Most notably, he spent seven years at CVRx as a senior research scientist.

He later spent two years each at medical device companies CHF Solutions (Nasdaq: CHFS), serving as Chief Scientific Officer, and Barologics, which he founded.

Jim earned one Bachelor’s degree in Mathematics, and another in Systems Physiology, from the University of Toronto. He also earned a Ph.D. in Biomedical Engineering from Johns Hopkins.

Randolph Armstrong - Director of Technology

Randolph has 30 years of experience in medical device development.

In addition to his role with Oracle Health, he is Chief Technology Officer of Velentium, a medical device company.

Prior to this, he was co-founder & CEO of Gen-Idea Health, a company helping medical device businesses develop intellectual property.

Randolph spent two years as a systems engineer with Cameron Health, a company developing a subcutaneous implantable defibrillator. In 2012, this company was acquired by Boston Scientific (NYSE: BSX) for $1.3 billion.

Before that, he was a technology development program manager for Wyle Human Performance and Engineering, a company that completed projects for NASA and the International Space Station.

He was also a product development manager for Prucka Engineering (now part of GE Medical Systems) and a principal engineer with Intermedics (now Boston Scientific).

Randolph earned a Bachelor’s degree in Biomedical and Electrical Engineering from Duke University.

Toshi Okabe - Medical Advisor

Dr. Okabe specializes in cardiac electrophysiology, and has 14 years of medical experience.

He works in the Department of Clinical Cardiac Electrophysiology and Cardiovascular Disease at the Ohio State University Medical Center. He earned his MD from the University of Tokyo.

Dan Burkhoff - Medical Advisor

Dan has extensive experience working in the med tech industry and a specific focus on heart failure.

Most recently, he was Vice President of Medical Science with HeartWare, a medical device company creating technology for the treatment of heart failure. Prior to that, he founded PVLoops, developers of cardiovascular educational software.

For 16 years, he was an adjunct associate professor of medicine at Columbia University. Before that, he spent a decade as Medical Director at Impulse Dynamics, another medical device company focused on heart failure patients.

Earlier in his career, Dan was Medical Director for CircuLite and Cheetah Medical, a pair of medical device companies.

He earned a Bachelor’s degree in Applied Physics from Cornell University, a Ph.D. in Biomedical Engineering from Johns Hopkins, and a Doctorate of Medicine from Johns Hopkins.

Co-Investors