Altoida has raised an additional US$14 million with new and existing investors. The precision neurology company has upsized its Series A funding round to US$20.3 million, as was reported in a press release. The round was led by M Ventures, the corporate venture capital arm of the chemicals and pharma company Merck, from Darmstadt in Germany, and Canada’s Whitecap Venture Partners. Other new and existing investors were also involved.
Altoida’s CEO Travis Bond said his “unique team of experts across neurology, machine learning, and digital biomarker science position us well to execute on our vision to deliver early and accurate brain health measurements and diagnostics to individuals across the world”.
Altoida is a pioneer in non-invasive brain health measurement and diagnostics for neurological diseases like Alzheimer’s with artificial intelligence and augmented reality. Its validated device and evidence-based platform has received the status of Breakthrough Device Designation from the US Food and Drug Administration (FDA).
The funds will reportedly be used to further build Altoida’s medical, scientific, engineering, and commercial teams. These will pursue novel research, accelerate product development and drive commercialization of its platform across U.S. and global markets. Furthermore, the funds will be used to validate its platform’s applications across additional neurological diseases like Parkinson’s and Schizophrenia, and to expand the company’s U.S. and global IP and regulatory portfolios.
