Alto Neuroscience, a Los Altos, CA-based company which uses AI to identify biomarkers to develop targeted psychiatric medicine options, announced that it closed a $25 million equity investment with new investor Alpha Wave Ventures.
This brings Alto’s total Series B funding to approximately $60 million and total equity capital raised to approximately $100 million since the company was founded in 2019.
Funding to date will support Alto through a total of four Phase 2 readouts with four novel drug candidates across three indications, as well as the continued evolution of Alto’s Precision Psychiatry Platform™.
“We have been diligent in advancing our pipeline of diverse product candidates and these investments exemplify our shared commitment to developing novel treatments for numerous mental health conditions,” said Nick Smith, the chief financial officer of Alto Neuroscience. “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.”
In conjunction with the Series B financing, Chris Dimitropoulos, Managing Director of Biotechnology Investments at Alpha Wave Global, has joined the Alto Board of Directors.
Company: Alto Neuroscience Inc.
Round: Series B
Funding Month: January 2023
Lead Investors: Alpha Wave Ventures
Additional Investors: K2 HealthVentures
Company Website: https://www.altoneuroscience.com/
Software Category: Precision Psychiatry
About the Company: Founded in 2019 by Amit Etkin, MD, PhD., Alto Neuroscience is pioneering precision psychiatry by developing targeted medicines to help patients get better faster. Differences in individuals’ biology impact how they respond to treatment. Alto’s Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, behavioral task performance, wearable data, genetics, and other factors to match each patient with the right Alto drug. The company’s work in identifying and categorizing core domains of mental function (cognition, emotion, and sleep processes) has resulted in a multiple-modality approach that supports robust drug-response predictions. Alto’s clinical-stage pipeline includes first- or best-in-class novel drug candidates for depression, PTSD, and other mental health conditions resulting in the broadest and most-advanced precision psychiatry effort.