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FREMONT, CA: Altoida, a Houston-based start-up leveraging artificial intelligence, machine learning, and augmented reality on a medical device to predict Alzheimer’s disease, has announced a $6.3 million Series A funding round. The Series A round was headed by M Ventures, with accompaniment in financing from Grey Sky Venture Partners, Alpana Ventures, VI Partners AG, and FYRFLY Venture Partners. The funding will be utilized to expand Altoida’s global reach, focusing first on additional commercialization in the U.S. and E.U.
The search for accurate and scalable preclinical markers of Alzheimer’s disease has been the Holy Grail for researchers. Pharmaceuticals are trying to predict Alzheimer’s-type cognitive decline and develop early interventions. Altoida has created a digital platform that employs AI, ML, and AR to collect functional and cognitive biomarkers to help detect Alzheimer’s disease. The product, which has both an FDA clearance and a Conformité Européenne (CE) mark, is meant to detect cognitive decline in patients. The software and the application have been designed to be used by a wide range of healthcare professionals. From primary care physicians and neurologists and insurance companies, the goal is in achieving a significant delay of the onset of mild cognitive impairment.
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Altoida’s FDA-cleared medical device has patients use a smartphone or a tablet to take part in a “gamified assessment”. The evaluation can be carried out either at home or at a doctor’s office by seeking virtual objects around their physical space. The patient’s test results are then sent to their provider. The tool then uses ML protocols to analyze a patient’s functional and cognitive performance in the three VR tests.
Results have revealed that the Altoida platform is capable of identifying biomarkers that indicate Alzheimer’s disease with 94 percent accuracy, six to ten years before the onset of the symptoms. Multiple peer-reviewed publications and over 200 independent studies have validated the software, which is already in use in clinics in the U.S., Europe, and Brazil.
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