(Bloomberg) -- Ajax Health has established a new medical technology company to develop a treatment for the most common heart rhythm disorder.
The new company, Cortex, has raised $90 million from KKR & Co. and Hellman & Friedman, according to a statement reviewed by Bloomberg News. Cortex is developing an integrated, comprehensive platform for evaluating and treating atrial fibrillation.
KKR and Hellman & Friedman are investing in Cortex through the Cordis accelerator, Cordis-X, according to the statement. KKR is investing additional capital in Cortex through its Health Care Strategic Growth Fund II.
Based in Menlo Park, California, Ajax Health helps build turnkey innovation platforms for commercial-stage medtech players. It has teamed up with KKR and others to create and manage companies focused on disease detection and treatments.
Ajax Health says its approach of rolling out platforms designed to build specific solutions for large strategics in the device industry can slash the time and cost of developing new medical technologies in an industry that hasn’t seen the kind of innovation that has propelled the tech industry.
“We are developing solutions that prioritize precision, simplicity, and efficiency to simultaneously improve patient outcomes and lower procedural cost,” said Duke Rohlen, who is chief executive officer of both Ajax Health and Cortex.
The formation of Cortex comes about a week after Ajax Health announced it was teaming up with KKR and Hologic to start Maverix Medical, a platform that will develop and buy technologies to treat lung cancer.
Ali Satvat, KKR’s co-head of Americas health care and global head of health care strategic growth, said Cortex’s technology is a promising step toward more efficient and accessible treatment of atrial fibrillation.
“This is the latest example of impactful medical technologies to emerge from the Cordis-X platform and a testament to the replicability of the innovation model that we have created with the Ajax Health team,” Satvat said.
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