Hikma Ventures, the venture capital arm of Jordan-based Hikma Pharmaceuticals has invested an undisclosed sum in US-based Altoida, a predictive digital biomarker company.
The latest funding follows the company's $6.3 million Series A round that was closed back in 2019.
Founded in 2016, Altoida uses technologies like artificial intelligence, machine learning and augmented reality to collect functional and cognitive biomarkers to help identify people with Mild Cognitive Impairment (MCI) due to Alzheimer's disease- with up to 94 per cent accuracy.
"We are excited to invest in Altoida and their digital health technology, which is helping patients and healthcare providers by reinventing digital biomarkers to drive better clinical outcomes for brain disease," said Lana Ghanem, managing director at Hikma Ventures. "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."
Altoida plans to utilise the fund to promote its growth and expand its footprint in the US and other global markets including Japan, Brazil, and Europe.
"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," said Richard Fischer, president and CEO at Altoida. "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."