Altoida announced a $6.3 million round of venture capital financing to bring its medical device and brain health data platform to patients, physicians and researchers around the globe. The startup detects Alzheimer’s Disease (AD) 6-10 years prior to onset of Mild Cognitive Impairment symptoms due to AD – with up to 94% accuracy using Artificial Intelligence, Machine Learning and Augmented Reality.
Altoida’s product analyzes visuospatial and executive function during complex activities of daily living through a battery of three tests that ask patients to hide and seek virtual objects in a physical space. 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, Europe and Brazil.
The new capital will be used to further expand Altoida’s global presence with an immediate focus on commercialization activities in the US and EU markets. The Series A round was led by M Ventures, the corporate venture capital arm of the science and technology company Merck KGaA with participation from Grey Sky Venture Partners, VI Partners AG, Alpana Ventures, and FYRFLY Venture Partners.
“Altoida is at the forefront of a new era to leverage Artificial Intelligence and Machine Learning to assess brain health,” said Alexander Hoffmann, Principal, New Businesses at M Ventures. “Our investment reflects our belief that digital biomarkers are the future and might lead to earlier diagnosis, and potentially better supportive care for a wide range of brain diseases. Altoida promises to deepen our understanding of brain health and contribute with positive impact on medicine and society.”
Original Article: https://www.startupticker.ch/en/news/may-2019/digital-health-startup-altoida-raises-6-3m-series-a