Altoida snags Merck KGaA-led $14M funding round for Alzheimer’s diagnostic app (Fierce Biotech):
The $14 million top-up came from a mix of old and new investors, co-led by Whitecap Venture Partners and Merck KGaA’s corporate VC arm, M Ventures, which also led the initial tranche of series A financing … The newly upsized funding will help Altoida add to its workforce, pay for intellectual property and regulatory filings and continue developing its tech platform to assess neurological function.
Through an app downloaded to a patient’s own smartphone or tablet, Altoida’s tech first offers up a 10-minute test. A variety of Augmented Reality (AR)-powered exercises measure 11 areas of the brain that have been linked to Alzheimer’s. The video-game-like activities ask users to hide and relocate virtual objects around the room, simulate a fire evacuation and search for virtual items while a sound continuously plays.
From there, Altoida’s AI analyzes the patient’s performance throughout the test. The resulting report highlights symptoms of cognitive decline—such as hand and gait errors, eye tracking, pupil dilation and more—and provides a score of the likelihood that they’ll develop Alzheimer’s within the next year.
Altoida upsizes its Series A Round to $20.3M to Advance Its First in Class AI-Powered Neurocognitive Assessment Platform (press release):
Altoida, Inc., the precision neurology company pioneering non-invasive brain health measurement and neurological disease diagnostics with AI and augmented reality (AR), today announced that it has successfully raised an additional $14 million for its Series A round … bringing the total Series A funds raised to $20.3 million.
Altoida’s mission is to set a new gold standard in brain health. The company’s precision neurology platform is designed to accelerate and improve drug development, research, and care for people with neurological diseases, like Alzheimer’s, using data captured with a standard smartphone or tablet … The platform has received FDA Breakthrough Device Designation.
“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 standard of care and democratize digital cognitive assessment at scale, and Altoida’s platform and team are at the cutting-edge of these two technologies.”