AI drug developer Alto Neuroscience raises $25M and more digital health fundings

Alto Neuroscience, which uses AI to identify biomarkers to develop targeted psychiatric medicine options, announced it closed a $25 million equity investment with new investor Alpha Wave Ventures and entered into a credit facility for up to $35 million with K2 HealthVentures.

The Series B extension brings the round to about $60 million. The company will use the funds to continue growing its Precision Psychiatry Platform, which evaluates brain biomarkers using wearable data, EEG activity, genetics, behavioral task performance and other factors to match patients with an Alto drug.  

The funds also support the company through the completion of Phase 2 trials with four of its novel drug candidates.

“We have been diligent in advancing our pipeline of diverse product candidates and these investments exemplify our shared commitment to develop novel treatments for numerous mental health conditions,” Nick Smith, chief financial officer of Alto Neuroscience, said in a statement. “This additional equity investment and flexible credit facility enable us to complete four definitive studies that will, if successful, enable future registrational studies in indications of high unmet medical need. We are pleased to be working with Alpha Wave and K2, among our other supportive investors, to advance Alto’s mission through crucial validation points in the coming years.”

Tech-enabled cough monitoring company C-mo Medical Solutions announced a €4.8 million ($5.2 million) extension to its seed investment round, which will help the company further expand its technology’s cough assessment capabilities.

Boehringer Ingelheim Venture Fund led the round with participation from Portugal Ventures and High-Tech Gründerfonds. The recent extension adds Novalis Biotech as a new investor.

“We are very happy to support C-mo and join the investor consortium. We are impressed by the complementarity and dedication of the C-mo team that developed this innovative product. Translation of a clinically relevant symptom [such as a] cough into an objective, measurable marker is currently missing in drug development or treatment,” Kjell Mortier, fund manager at Novalis Biotech, said in a statement. 

Sexual healthcare provider TBD Health announced a $4.4 million seed round, which will help the company expand to all 50 states.

Tusk Venture Partners led the round with participation from Human Ventures, Hyphen Capital, Expansion VC, Springdale Ventures, The Community Fund, Starbloom Capital and strategic angel investors.

The Nevada-based company offers at-home STD testing, generic Plan-B contraceptives and telemedicine appointments through its digital platform as well as an in-person clinic in Las Vegas. 

TBD’s at-home testing services were previously available only to Nevada, Arizona, Washington, Massachusetts, Connecticut and Florida residents. The company said it will now be able to offer its services to the entire country after navigating clinical and regulatory hurdles.   

“More and more we’re seeing local sexual health clinics nationwide shuttering due to lack of funding and resources. This leaves an immense strain on those who urgently need care,” Stephanie Estey, cofounder and co-CEO of TBD Health, said in a statement. “We seek to be a solution for those living in sexual health care deserts and beyond by offering a more accessible and approachable way to take care of your sexual health.”

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