Cordys Analytics raises new funding for European rollout of ECG platform GALVO

Cordys Analytics, a Utrecht-based startup that develops diagnostic software for ECG analysis, has closed a new funding round. The round is led by Healthy.Capital; existing investors LUMO Labs, ROM Utrecht Region and Utrecht Holdings Seed Fund are participating again. The company intends to use the proceeds to roll out its platform GALVO at hospitals in the Netherlands and Spain, with Europe as the broader target market.

Cordys was founded in 2023 as a spin-out of UMC Utrecht by John van den Berg (CEO), René van Es (CSO and associate professor of cardiology at UMCU) and Rutger van de Leur (CMTO). The research foundation dates back to 2018, when Van Es and Van de Leur began training deep learning algorithms at UMCU on a dataset of more than 1.5 million annotated ECGs.

The platform detects more than 38 cardiac conditions, including arrhythmias, ischaemia and heart failure, using twelve-lead ECGs. The software is vendor-agnostic and cloud-based, enabling it to connect to ECG devices from various manufacturers and to be deployed across diverse clinical settings.

What GALVO does and how it is certified

GALVO is the trade name of Cordys's diagnostic software platform. The software analyses ECG signals using deep learning and flags abnormalities that may be overlooked during manual interpretation. Clinicians receive a structured report that integrates with their existing workflow; the software does not replace the physician, but supports triage and clinical decision-making.

In August 2025, Cordys received CE marking from notified body TÜV SÜD as a Class IIb medical device under the European MDR regulation. This is the highest class for non-implantable medical software. At the same time, the ISO 13485 quality management system was certified, a requirement for placing medical devices on the European market. Both certifications are a prerequisite for working commercially with hospitals.

In addition to the standard twelve-lead ECG, Cordys is extending its offering to Holter analysis, bringing long-term cardiac monitoring under the platform as well.

Funding history and grants

The new round with Healthy.Capital is not Cordys's first external financing. In October 2023, the company raised a seed round of approximately €900,000, contributed by LUMO Labs through the TTT.AI Fund, ROM Utrecht Region and the Utrecht Health Seed Fund.

Several grants followed. In June 2024, Cordys received an Eurostars grant of €800,000, together with UMC Utrecht and MedicalCSE, for further development of the platform. In September 2024, a Health Holland TKI contribution and an EU IHI 7 grant were added, totalling €650,000. In July 2025, NWO awarded a Take-off Phase 2 loan enabling Cordys to launch and scale commercial pilots at European hospitals in the Netherlands, Spain, Italy and France over a two-year period.

Cordys is also a member of the EuroHeartPath consortium, a Horizon Europe project worth €27 million over five years, involving 35 partners from academia, healthcare, industry and policy, focused on earlier detection and improved treatment of cardiovascular diseases.

Rollout via the Netherlands and Barcelona

For its geographical expansion, Cordys has chosen two starting points. In the Netherlands, the company already works with Ksyos and is building further hospital relationships from Utrecht, where it is housed at startup incubator UtrechtInc. In June 2026, Cordys joined the Barcelona Health Hub, a network of healthcare organisations, companies and researchers in the Catalan capital.

Spain is therefore the first international market. The choice of Barcelona fits the broader strategy of demonstrating that a device-independent platform can scale across different healthcare systems and ECG manufacturers. From these two countries, the company aims to continue growing across Europe.

With around 32 employees at present, Cordys remains a small organisation. The combination of a new investment round, MDR certification and the NWO loan provides the company with the resources to enter the next phase of commercialisation.

For the broader Dutch medtech and AI scene, Cordys's development illustrates how an academic research group, in this case from UMCU, can bring a regulated medical product to market step by step. The combination of public grants, seed capital and a new investment round is a pattern that recurs frequently among early-stage medtech companies in the Netherlands. The question for investors and policymakers is the extent to which clinical adoption at hospitals keeps pace with technical and regulatory progress.