HeartFlow Holding cancels initial public offering

HeartFlow Holding cancels initial public offering

New York, 2/17/2022

HeartFlow Holding, which developed an AI-powered system for diagnosing coronary heart disease , has canceled plans for an initial public offering in a reverse SPAC merger previously valued at $2.4 billion. The company planned to use the proceeds to further develop its AI platform for individualized coronary heart disease detection.

HeartFlow analyzes coronary CT angiograms using deep learning algorithms. The analytics software then creates 3D digital models of a person’s heart and cardiac anatomy to help doctors diagnose disease severity. The system is expected to shorten hospital wait times and reduce reliance on more invasive procedures.

HeartFlow last year planned to merge with SPAC Longview Acquisition Corp. II , but the two companies recently decided to call off the deal, citing unfavorable market conditions.

Redwood City, California-based HeartFlow has raised more than $578 million in venture capital to date.