Following the closing of its $6.3 million series A round and the recent receipt of the FDA and CE-Mark approval, Altoida has secured fresh capital from Hikma Ventures. The Luzern based startup offering a digital biomarker platform that uses AI and AR to detect Alzheimer’s disease with 94% accuracy will use the funds to strengthen its international presence.
The number of people living with Alzheimer's disease is rapidly growing. In 2019 alone, Alzheimer's disease and other dementias cost the US $290 billion. By 2050, these costs could rise as high as $1.1 trillion, according to the 2019 Facts and Figures report of the Alzheimer’s Association.
Altoida developed a brain health data platform designed to support the early detection of Alzheimer's disease up to ten years prior to onset – with up to 94% accuracy. Altoida’s technology offers healthcare professionals a novel way to use active digital biomarkers and the latest advancements in artificial intelligence, machine learning and augmented reality to classify patients’ risk of Mild Cognitive Impairment (MCI) due to Alzheimer’s Disease (AD) and drive better clinical outcomes for brain diseases.
The company’ product, the Altoida Neuro Motor Index (NMI), analyzes visuospatial and executive function during complex activities of daily living through a battery of tests that ask patients to hide and seek virtual objects in a real-life environment. The company has validated its platform and methodology in more than 12 peer-reviewed journal publications and in more than 200 independent studies. It is currently being used in clinics across the US, Japan, Europe and Brazil. The startup has also obtained an FDA-cleared and CE Mark-approval for its medical device.
Altoida has secured fresh capital from Hikma Ventures, the venture capital arm of Hikma Pharmaceuticals PLC. which invests in global start-ups where Hikma’s expertise can accelerate revenue growth and enhance value creation. Hikma has a broad product range providing 700 products to patients worldwide and a growing pipeline of new medicines for treating a wide range of diseases. Therapeutic categories include anti-infectives, cardiovascular, central nervous system, diabetes, oncology, pain management and respiratory.
“Hikma Ventures is a highly reputable venture capital firm, and we share a common vision of putting better health within reach for millions of people across the globe,” said Richard Fischer, President & CEO of Altoida. “Their investment in Altoida during these unprecedented times is a testament to their belief in the strength of our company and the value of our digital health technology. Hikma Ventures is the perfect addition to our investor syndicate and an important partner as we continue to execute on our clearly defined commercialization strategy.”
The financing comes at a time of rapid growth for Altoida, as the company’s FDA cleared and CE Mark-approved medical device and brain health data platform is being used by researchers, patients and physicians across the globe to detect Alzheimer’s Disease (AD) up to ten years prior to onset. The additional financing will be used to further expand Altoida’s presence in the US, Japan, Europe and Brazil.
(Press release / RAN)
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