Altoida Raises $6.3 Million for Early, AI-Test for Alzheimer's Disease
31.05.2019
With software that can help detect Alzheimer's Disease as early as ten years before symptoms start, the spin-off also plans a consumer-version of its medical device, as it drives sales in the U.S. and EU.
 Ioannis Tarnanas, founder and Chief Scientific Officer
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Altoida assesses brain-health as patients perform quick tasks on a smart phone or tablet. The software behind the 10-minute test detects the small errors that signal brain changes years before dementia symptoms become visible. The startup's device is currently only available on-prescription, so Altoida is also working on a lighter version for consumer health.
Holy grail for precision medicine
"Based on the WHO's latest guidelines, reducing your risk of dementia is possible, if you detect it early!! This is the big value proposition behind our device," Altoida's Chief Science Officer and co-founder Ioannis Tarnanas said in an interview. "The demand for an easy and scalable screening tool is huge and we are helping partners develop a precision medicine approach to Alzheimer’s Disease."
Holy grail for precision medicine
"Based on the WHO's latest guidelines, reducing your risk of dementia is possible, if you detect it early!! This is the big value proposition behind our device," Altoida's Chief Science Officer and co-founder Ioannis Tarnanas said in an interview. "The demand for an easy and scalable screening tool is huge and we are helping partners develop a precision medicine approach to Alzheimer’s Disease."
The startup won support and training from Venture Kick in 2014 and ranked at the TOP 100 Swiss Startup Award for the past two years. "All the support we had on our journey developing an entrepreneurial mindset was greatly appreciated," Tarnanas said.
Altoida's FDA-cleared and CE Mark-approved medical device and platform is currently being used in clinics in the U.S., Europe and Brazil. The company estimates that the cost of Alzheimer's other dementias will reach $290 billion in the U.S. this year.
Altoida's FDA-cleared and CE Mark-approved medical device and platform is currently being used in clinics in the U.S., Europe and Brazil. The company estimates that the cost of Alzheimer's other dementias will reach $290 billion in the U.S. this year.
Investors in the round include Merck KGaA's M Ventures, Grey Sky Venture Partners, VI Partners AG, Alpana Ventures, and FYRFLY Venture Partners.