Altoida, Inc., a developer of FDA-cleared and CE Mark-approved medical device and brain health data platform to patients, physicians and researchers around the globe, raised $6.3m in Series A venture capital financing.
The round was led by M Ventures, with participation from Grey Sky Venture Partners, VI Partners AG, Alpana Ventures, and FYRFLY Venture Partners.
The company intends to use the new capital to further expand its global presence with an immediate focus on commercialization activities in the US and EU markets.
Led by Dr. Ioannis Tarnanas, PhD, Founder and Chief Scientific Officer, and Richard Fischer, Founder & CEO, 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 advancements in artificial intelligence, machine learning and augmented reality to collect functional and cognitive biomarkers to help detect Alzheimer’s disease with accuracy.
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.
Altoida has offices in Houston, San Diego, and Lucerne, Switzerland.