A stealthy Longwood-based startup with a prolific top executive raised nearly $5 million in investment capital.
Health tech firm NeuTrace Inc. raised $4.8 million, according to a June 15 U.S. Securities and Exchange Commission filing. The company does not boast a prolific public profile, lacking even a website. However, it has attracted more than $7 million in investment since Sept. 15 to find new diagnosis methods and treatments for heart disorders with the aid of artificial intelligence and machine learning.
NeuTrace was founded in 2020, and business analytics firm CB Insights classifies the company as being in “stealth mode,” a term for startups in a state of secretiveness to avoid alerting competitors to what they are working on.
What is not a secret is NeuTrace is led by an accomplished physician in President and Chief Operating Officer Dr. Srijoy Mahapatra. Mahapatra serves as chief strategy officer of Fairview Ventures, an innovation lab operated by Minneapolis-based nonprofit health care system Fairview Health Services.
Mahapatra also works with the National Basketball Association as a consulting cardiologist, according to his LinkedIn profile. He co-founded Athletic Heart, a foundation that helps the NBA, NFL and NHL with cardiac imaging, according to the MIT Technology Review.
It is unknown how NeuTrace will use its venture capital haul. Executives could not be reached for comment.
However, venture capital can be critical for startups and early-stage companies. It funds companies as they scale up while also providing business expertise and industry connections. The growth of these companies in turn create high-wage jobs and innovative solutions for local businesses and residents.
Last year was a historic one for venture capital fundraising by Central Florida startups. So far this year, three local companies — Kore.ai, Beep Inc. and ThreatLocker Inc. — closed large venture capital deals worth a combined $70 million.
At least two of those investment rounds were led by out-of-state firms based in California and Massachusetts. Central Florida increasingly is catching the attention of investors in venture capital hubs outside the Sunshine State, Ben Patz, managing partner of Orlando-based venture capital firm DeepWork Capital LLC, previously told OBJ. “It’s absolutely becoming more appealing.”
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