Alimetry, a Minneapolis, MN-based medical solutions company, raised US $18M in Series A2 funding.
The round was led by GD1 (Global from Day One), with participation from the American Gastroenterological Association (AGA) GI Opportunity Fund, Olympus Innovation Ventures, IceHouse Ventures, and existing investors.
The company intends to use the funds to expand operations and its development efforts.
Founded by Dr O’Grady and Dr Armen Gharibans in 2019, Alimetry aims to commercialise its wearable gut health monitoring device, which delivers accurate analysis and diagnosis of gut disorders.
Like the heart, the gut produces electrical current. The wearable device detects these electrical currents from the skin’s surface (called Body Surface Gastric Mapping), similar to an ultra-high resolution electrocardiogram (ECG). Recordings of these signals are taken while patients eat and digest a meal. At the same time, patients log their symptoms into an app. The device sends the patient’s gastric electrophysiology to the cloud where advanced, AI-powered analysis is performed using smart algorithms based on thousands of diverse and representative test cases used to train and improve benchmarking. The resulting auto-generated Gastric Alimetry Report provides clinicians with objective, data-driven insights to inform their interpretation and aid the diagnosis and personalised treatment of gastric disorders.
The device and platform have been approved for clinical use by the United States Food and Drug Administration to be rolled out to the US market and since controlled market release in 2022. Over 40 hospitals and clinics worldwide have signed on to use the device.
The company has offices in the United States and New Zealand.
FinSMEs
29/10/2024