Cleerly, a New York-based cardiovascular imaging startup, has raised $106 million in a Series C extension round to accelerate its mission to detect heart disease early and prevent heart attacks. The funding round, led by Insight Partners and joined by Battery Ventures, brings the company's total funding to $329 million.

The startup's AI-powered software analyzes CT scans of the heart to identify early-stage coronary artery disease, similar to how mammograms and colonoscopies detect breast and colon cancer. According to cardiologist and founder James Min, the majority of people who will die of heart disease and heart attacks will never have any symptoms, emphasizing the need for early detection and screening.

Cleerly's technology has already been cleared by the FDA for diagnosing symptomatic patients, and Medicare has approved coverage for its plaque analysis test. The company is currently running a large, multi-year clinical trial to prove that its screen can catch heart conditions in people without disease symptoms more accurately than other routine non-invasive methods.

If Cleerly succeeds in gaining regulatory approval to screen large populations, it could significantly expand its market reach and revenue. The company's software has been commercially available for the last four years, with a compounded annual growth rate of over 100%. With most payers now recognizing its diagnostic method, Cleerly is poised to continue its growth trajectory.

The startup's growth potential has attracted significant investor interest, with Insight Partners managing director Scott Barclay expressing confidence in Cleerly's ability to make a significant impact in the healthcare industry. While extension rounds are often seen as a sign of slower growth, Barclay believes that Cleerly's is growing fast enough to warrant additional capital to finance future growth and multi-site clinical trials.

Cleerly isn't the only player in the AI-driven heart disease detection space, with competitors like HeartFlow and Elucid also working on similar technologies. However, given the vast potential market for heart disease screening, there is likely room for multiple winners in this space.

As Cleerly continues to advance its technology and push for widespread adoption, its success could have a significant impact on the healthcare industry, potentially saving countless lives and reducing healthcare costs associated with heart disease treatment.