New funding for Alzheimer’s disease AR app developer Altoida

Mark manages all of the content for VRWorldTech. To discuss an idea or pitch a story, drop him a line at editor@vrworldtech.com

Altoida has already received US and European regulatory approval, and the arrival of the new funding from Hikma Ventures follows a series A round that closed in early 2019

Quick read

➨ Altoida received the funding from the UK-based venture capital arm of Hikma Pharmaceuticals
➨ It will use the funding to expand its presence in the US, Japan, Europe and Brazil
➨ Altoida’s app uses AR, artificial intelligence and machine learning to collect functional and cognitive biomarkers

The story

Altoida, the US-based developer of an app that uses AR games to test for Alzheimer’s disease up to 10 years prior to onset, has secured an undisclosed sum of new investment to fund its expansion plans.

Predictive digital biomarker company Altoida received the funding from the UK-based venture capital arm of Hikma Pharmaceuticals. It will use the funding to expand its presence in the US, Japan, Europe and Brazil.

Altoida’s app uses AR, artificial intelligence and machine learning to collect functional and cognitive biomarkers to help detect mild cognitive impairment arising from Alzheimer’s disease prior to its onset.

Using its app, patients hide and seek virtual objects in a physical space. Altoida is able to detect what it calls ‘micro-errors’ as both a prognostic and diagnostic digital biomarker, allowing healthcare professionals to detect Alzheimer’s disease in patients 62+ years old between six and 10 years prior to the onset of symptoms.

The predictive digital biomarker company has validated its platform and methodology in more than 12 peer-reviewed journal publications and in more than 200 independent studies. Altoida says it can detect Alzheimer’s disease with 94% accuracy.

Its app has already received US and European regulatory approval, and the arrival of the new funding from Hikma Ventures, whose initial investment size is up to $5 million per round, follows Altoida’s $6.3 million series A round that closed in early 2019.

“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.”

Dr Richard Fischer, Altoida

Commenting on the new investment partner, Dr Richard Fischer, president and chief executive officer of Altoida, said: “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.”

“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 commercialisation strategy.”

Lana Ghanem, managing director of Hikma Ventures, said: “We are excited to invest in Altoida and their digital health technology, which is helping patients and health care providers by reinventing digital biomarkers to drive better clinical outcomes for brain disease.”

“This is the latest example of Hikma Ventures’ commitment to supporting innovative companies utilising machine learning and other cutting-edge technologies to meaningfully improve patients’ lives.”

Image: Using Altoida’s app, patients hide and seek virtual objects in a physical space