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- Elucid
Elucid Valuation, Funding & Investors
Elucid is valued at $256M as of November 2023.
Last Elucid valuation
$256M
Series C · Nov 2023
Last Elucid funding round
$37M
Series D · Oct 2025
Cumulative funding Elucid raised
$159M
across 6 funding rounds
Key investors in Elucid
IAG Capital Partners
BlueStone Venture Partners
MedTex Ventures
Sand Hill Angels
Aphelion Capital
Bioverge
About Elucid
Elucid is a Boston-based developer of AI-powered cardiovascular imaging software. Its FDA-cleared ElucidVivo analyzes coronary CT angiography scans to quantify plaque volume, composition, and vulnerability risks for heart attack or stroke. Validated against histology in over 1,000 patients, the tool guides treatment decisions like stenting or statins. Elucid partners with Siemens Healthineers and provides services to pharma firms including Pfizer.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$256M (Nov 2023)
Elucid Valuation
Elucid is currently valued at $256M, based on its Series C in November 2023.
The $80M round was led by Elevage Medical Technologies.
Elucid's valuation has grown 2.1x from $121M at its Series B in June 2022 to $256M in November 2023, across 2 priced rounds.
Elucid valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2023 | Series C | $256M |
| Jun 2022 | Series B | $121M |
Elucid Funding History
Elucid has raised a total of $159M across 6 funding rounds.
Elucid's first fundraising round was a $1M seed round in January 2016. The most recent completed round was a $37M Series D in October 2025.
Elucid funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Series D | - | $37M | - | Elucid is a Boston-based medical technology company developing AI-powered imaging analysis software for non-invasive assessment of cardiovascular disease risk, quantifying atherosclerotic plaque characteristics like Lipid Rich Necrotic Core compared to histopathology, and deriving fractional flow reserve (FFRct) from CTA analysis to optimize physician treatment decisions and enable precision medicine. The company raised $36.5M on October 22, 2025, as an initial filing from an offering of $80M, following prior rounds including a Series C of $80M on November 9, 2023 led by Elevage Medical Technologies (bringing total funding to $121M then), with overall funding reported variably as $115.37M to $163.2M across 4-6 rounds from investors like IAG Capital Partners, MedTex Ventures, Bluestone Venture Partners, and others. This latest round supports ongoing commercialization, clinical research, and expansion of its diagnostic tools to combat heart disease. Traction includes bolstered leadership with board additions like Dr. Evan Melrose and Dr. Kelly Huang from Elevage, and Scott Huennekens as executive chairman, alongside growth to approximately 72-127 employees. The Series C - II or extension builds on momentum from clinical validations and market needs for AI cardiovascular software. Competitive context positions Elucid as a leader in histology-validated, cost-effective vascular imaging, aiming to reduce heart attack and stroke deaths through improved diagnosis and management. |
| Nov 2023 | Series C | Elevage Medical Technologies (lead) | $80M | $256M | Elucid Bioimaging, Inc., a Boston-based medical technology company, develops AI-powered imaging analysis software to assess cardiovascular disease, providing physicians with non-invasive diagnostic tools like PlaqueIQ to evaluate plaque composition, coronary blockages, and ischemia risk, aiming to bring precision care from oncology to cardiology. On November 9, 2023, Elucid raised $80 million in a Series C funding round led by Elevage Medical Technologies, with participation from industry strategics and existing investors, bringing total funding to $121 million since inception. The funds are designated to drive commercialization, expand clinical research and development, and accelerate market penetration for its cardiovascular diagnostic software amid growing demand for AI solutions in heart disease management. Elevage Medical Technologies, a platform by Patient Square Capital, supports medical device and technology firms through capital and operational aid; its CEO Dr. Evan Melrose and Senior Advisor Dr. Kelly Huang joined Elucid's board post-investment, alongside executive chairman Scott Huennekens. Elucid's leadership enhancements and prior momentum position it to reduce heart attack and stroke deaths via improved diagnosis and treatment outcomes, competing in the arterial analysis software space against firms like HeartFlow. Forge Global reports a post-money valuation of $256.49 million for this Series C round, with a price per share of $1.94, though primary announcements do not disclose valuation details. No sources provide explicit revenue, ARR, or EBITDA metrics near the November 2023 round using terms like 'revenue' or 'ARR'; secondary estimates exist but lack verification from press releases. Elucid continues advancing indications like FFRCT derived from its technology while ramping commercial efforts. |
| Jun 2022 | Series B | BlueStone Venture Partners; IAG Capital Partners; MedTex Ventures; Bold Brain Ventures; Biovision Ventures; Aphelion Capital | $27M | $121M | Elucid is a medical technology company developing AI-powered imaging analysis software to assess cardiovascular disease risk through non-invasive diagnostic tools. The company raised $23 million in a Series B-1 round on June 23, 2022, from investors including Biovision Ventures, Bluestone Venture Partners, Bold Brain Ventures, IAG Capital Partners, and Medtex Ventures, achieving a post-money valuation of $120.62 million at a share price of $1.94. This round contributed to Elucid's ongoing funding trajectory, with prior Series A rounds in 2021 totaling around $14 million across multiple tranches at approximately $58 million valuation. The 2022 Series B funding supported Elucid's expansion in commercialization and clinical development amid growing demand for AI-driven cardiovascular diagnostics. Elucid continued fundraising post-2022, securing an $80 million Series C on November 9, 2023, led by Elevage Medical Technologies, bringing total funding to $121 million. This later round emphasized commercialization acceleration and board additions like Dr. Evan Melrose. |
| May 2021 | Series A | Global Health Impact Fund (lead); MedTex Ventures (lead); Bioverge; BlueStone Venture Partners; Angel Physicians Fund; IAG Capital Partners; Checkmate Capital; Wolverine Venture Fund; Sand Hill Angels; Willamette Valley Capital | $10M | - | - |
| Aug 2016 | Seed | - | $4M | - | - |
| Jan 2016 | Seed | - | $1M | - | - |
Who has invested in Elucid?
14 investors have backed Elucid across its funding rounds, including IAG Capital Partners, BlueStone Venture Partners, MedTex Ventures, Sand Hill Angels, Aphelion Capital and Bioverge.
Lead investors include Elevage Medical Technologies, Global Health Impact Fund and MedTex Ventures.
Elucid Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | May 2021 | ||
| 2 | Participant | May 2021 | ||
| 2 | Lead | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | May 2021 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | May 2021 | ||
| 1 | Participant | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 14 Elucid investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialElucid Competitors
Elucid competitors include listed companies like Detection Technology and Atrys Health, and private ones like PhAST Diagnostics, Qure AI, Omniscient Neurotechnology and Koning.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $116M | $11M | $128M | 0.9x | ||
| Publicly listed | $162M | ($12M) | $245M | 2.1x | ||
| Private | - | - | $242M | - | ||
| Private | $19M | - | $240M | 12.6x | ||
| Private | - | - | $284M | - | ||
| Private | - | - | $230M | - |
Elucid Public Comps
Elucid is still privately-owned, but its public comps include Atrys Health, Infinitt Healthcare, Healius, Biodesix, Exagen, Bioneer, Lucid Diagnostics, EKF Diagnostics, NIOX Group and Australian Clinical Labs.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $162M | ($12M) | 2.3x | 2.1x | (30.2x) | 14.9x | |||
| $75M | $27M | 1.1x | - | 3.2x | - | |||
| $956M | ($215M) | 0.9x | 0.9x | (4.1x) | 4.8x | |||
| $88M | ($22M) | 3.9x | 3.3x | (15.7x) | (30.2x) | |||
| $67M | ($13M) | 2.9x | 2.7x | (14.4x) | (27.4x) | |||
| $240M | $16M | 0.8x | - | 12.5x | - | |||
| $5M | ($58M) | 29.9x | 24.0x | (2.4x) | (2.8x) | |||
| $69M | $17M | 1.9x | 1.8x | 7.8x | 7.3x | |||
This data is available for Pro users. Sign up to see all Elucid competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Elucid
| When was Elucid founded? | Elucid was founded in 2013. |
| Where is Elucid headquartered? | Elucid is headquartered in Boston, MA, United States. |
| Is Elucid publicly listed? | No, Elucid is a private, VC-backed company. |
| What is Elucid's valuation? | Elucid was last valued at $256M in its Series C in November 2023. |
| How much funding has Elucid raised? | Elucid has raised $159M across 6 funding rounds. |
| What was Elucid's last funding round? | Elucid's last funding round was a $37M Series D in October 2025. |
| Who are Elucid's investors? | Elucid's investors include BlueStone Venture Partners, IAG Capital Partners, MedTex Ventures, Bioverge, Angel Physicians Fund, Checkmate Capital, Wolverine Venture Fund, Sand Hill Angels, Willamette Valley Capital, Bold Brain Ventures and 4 others. |
| Which companies are comparable to Elucid? | Companies comparable to Elucid include Detection Technology, Atrys Health, PhAST Diagnostics, Qure AI, Omniscient Neurotechnology and Koning. |
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