Additional $14 million for Altoida to advance its neurocognitive assessment platform

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01.04.2022
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Led by M Ventures and Whitecap Venture Partners, the additional capital brings Altoida’s series A financing round to $20.3 million. The precision neurology company will use the funds to advance its first in class ai-powered neurocognitive assessment platform.

Swiss-US company Altoida is pioneering non-invasive brain health measurement and neurological disease diagnostics with AI and augmented reality (AR) with the mission to set a new gold standard in brain health. Its technology platform uses artificial intelligence (AI) to analyse cognitive and functional test results and help diagnose neurological diseases like Mild Cognitive Impairment (MCI) and Alzheimer’s. The proprietary 10-minute set of digital test activities (completed on a smartphone or tablet) uses augmented reality (AR) to simulate real-world activities of daily living, enabling changes in cognition and function to be captured earlier and more accurately than existing methods. The platform has received FDA Breakthrough Device Designation.

The company has now finalised its Series A extension round co-led by M Ventures (the corporate venture capital arm of Merck KGaA, Darmstadt, Germany) and Whitecap Venture Partners. New investors HonorHealth and BTOV participated in the round with existing investors Alpana Ventures, Hikma Ventures, Fyrfly, and VI Partners, bringing the total Series A funds raised to $20.3 million.

The funds will be used to further build Altoida’s medical, scientific, engineering, and commercial teams to pursue novel research, accelerate product development, and drive the commercialisation of its platform across US and global markets. The funds will also be used to validate its platform’s applications across other neurological diseases like Parkinson’s and Schizophrenia and to expand the company’s US and global IP and regulatory portfolios.

“Having both biotech and tech industry investors with complementary acumen, networks, and commitment to innovation in neurology will help enable us to bring our products to patients, providers, and researchers earlier. Our unique team of experts across neurology, machine learning, and digital biomarker science position us well to execute our vision to deliver early and accurate brain health measurements and diagnostics to individuals worldwide,” said Travis Bond, CEO of Altoida.

“Altoida is pioneering a new category of precision neurology, and we’re thrilled to co-lead this round,” said Shayn Diamond, Partner at Whitecap Venture Partners. “The combination of augmented reality and AI has the potential to improve the standard of care and democratise digital cognitive assessment at scale, and Altoida’s platform and team are at the cutting-edge of these two technologies.”

(Press release/RAN)

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