Altoida Raises $6.3M Series A to Predict Alzheimer's Disease Risk Using Artificial Intelligence, Machine Learning and Augmented Reality
New digital biomarkers company detects Alzheimer's Disease (AD) 6-10 years prior to onset of Mild Cognitive Impairment (MCI) symptoms due to AD - with up to 94% accuracy
HOUSTON, May 30, 2019 /PRNewswire/ -- Altoida Inc. today announced a $6.3 million round of venture capital financing to bring its FDA-cleared and CE Mark-approved medical device and brain health data platform to patients, physicians and researchers around the globe. Led by a team of esteemed neuroscientists, physicians and computer scientists, Altoida uses digital biomarkers to drive better clinical outcomes for brain disease.
The Series A round was led by M Ventures, the corporate venture capital arm of the science and technology company Merck KGaA, Darmstadt, Germany, with participation from Grey Sky Venture Partners, VI Partners AG, Alpana Ventures, and FYRFLY Venture Partners. 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.
"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."
Altoida offers healthcare professionals a novel way to objectively assess cognitive and everyday functions, in the most ecologically valid way, prior to the onset of symptoms. The company's FDA cleared and CE Mark-approved medical device leverages the latest advancements in artificial intelligence, machine learning and augmented reality to collect functional and cognitive biomarkers to help detect Alzheimer's disease up to ten years prior to onset - with up to 94% accuracy.
"Searching for early, more accurate and scalable preclinical markers of Alzheimer's disease has been the holy grail for clinicians, researchers and pharma companies alike that are trying to predict Alzheimer's-type cognitive decline and develop early interventions," said Dr. Ioannis Tarnanas, PhD, Founder and Chief Scientific Officer at Altoida (an ETH University Zurich spin-off). "The ability of Altoida's digital biomarkers platform to collect very sensitive and ecologically valid markers of early functional and cognitive changes in the most scalable way, by using only a mobile phone or tablet, is unmatched by today's medical tests and a game changer for the field."