Altoida raises $6.3 million in series A funding round to further AI-enabled healthcare goals

Georgia-based healthcare firm Altoida Inc has raised
$6.3 million (£5m) in a series A funding round conducted by German
pharmaceutical company Merck KGaA-owned capital venture firm M Ventures, with
participation from Grey Sky Venture Partners, VI Partners AG, Alpana Ventures,
and FYRFLY Venture Partners.

Altoida, which is led by a team of esteemed
neuroscientists, physicians and computer scientists, utilises digital
biomarkers to drive better clinical outcomes for brain disease. The company
will be using the raised funds to bring its FDA-cleared and CE Mark-approved
medical device and brain health data platform to patients, physicians, and
researchers around the globe.

Dr. Ioannis Tarnanas, PhD, Founder and Chief
Scientific Officer at Altoida – an ETH University Zurich spin-off – said: “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. 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.”

Last year, market intelligence firm Tractica had predicted a rise in the global software revenue from 22 main healthcare AI use cases to $8.6bn (£7bn) per year by 2025 and the total revenue for healthcare AI market, including sales from healthcare AI software, hardware, and services, to exceed £27bn by 2025.

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