Altoida intends to use the proceeds of the investment round to further expand its foothold in countries such as the US, Japan, Europe, and Brazil
Fremont, CA: Alzheimer's detection platform Altoida raises financing from Hikma Ventures, the venture capital arm of Hikma Pharmaceuticals PLC. The funding comes at a time of rapid growth for Altoida, as its FDA cleared and CE Mark-approved medical device and brain health data platform is widely being used by researchers, patients, and physicians across the globe to detect Alzheimer's Disease (AD). Altoida intends to use the proceeds of the investment round to further expand its foothold in countries such as the US, Japan, Europe, and Brazil. The recent funding follows the company's $6.3 million Series A round of financing that closed early 2019.
"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 Dr. Richard Fischer, President & CEO of Altoida Inc. "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."
Altoida leverages predictive digital biomarkers to achieve better clinical results for brain disease. By implementing the latest advancements in Artificial Intelligence (AI), Machine Learning (ML), and Augmented Reality (AR), Altoida gathers functional and cognitive biomarkers to help check Mild Cognitive Impairment (MCI) due to Alzheimer's disease before its onset - with up to 94 percent accuracy. Now healthcare professionals have an innovative way to objectively assess cognitive and everyday functions in the most ecologically valid way.
Using Smart Device sensors, Altoida analyzes visuospatial and executive function during complex activities of daily living by asking patients to hide and seek virtual objects in a physical space. Altoida is able to detect "micro-errors" as both a prognostic and diagnostic digital biomarker, allowing medical professionals to trace Alzheimer's disease in patients 62+ years old between six and ten years prior to the onset of symptoms - and before irreversible damage occurs.
"We are excited to invest in Altoida and their digital health technology, which is helping patients and healthcare providers by reinventing digital biomarkers to drive better clinical outcomes for brain disease," said Lana Ghanem, Managing Director of Hikma Ventures. "This is the latest example of Hikma Ventures's commitment to supporting innovative companies utilizing machine learning and other cutting-edge technologies to improve patients' lives meaningfully."
See also: Top MedTech Startups Companies
