Alio, a medical technology company involved in the management of chronic disease, announced it has raised US$18 million in the initial close of a Series C financing, bringing the total amount the company has raised to over US$50 million.
This round includes the conversion of all outstanding convertible notes. The financing was led by the Widjaja Family Investment Office with participation from the company’s existing investors, including Chase Field, LLC and Thomas Krebs, former treasurer of Penumbra.
Proceeds from the financing will be used to expand the company’s remote patient monitoring technology while scaling operations to align with the rapidly growing needs of the chronic care market.
Since its inception, Alio has sought to improve the lives of those faced with managing one or more chronic conditions, including end stage kidney disease (ESKD), where innovation has remained stagnant. Alio’s patient monitoring solution is designed to work on all skin colours and capable of non-invasively monitoring potassium while leveraging its proprietary artificial intelligence (AI)-driven technology to create clinical actionable insights.
“We made tremendous progress over this past year—we achieved a major regulatory milestone with our initial US Food and Drug Administration (FDA) clearance for our platform, completed our FDA submission to include potassium monitoring, and formed a number of strategic partnerships, laying the groundwork for commercialization. With this strong foundation established, we have reached a critical point in our journey,” said David Kuraguntla, Alio’s co-founder and CEO. “As we enter our next phase of growth, we are pleased to have attracted notable new investors, along with essential and continued support of our Series A and B investors. We are fortunate to have partners and investors who believe in our vision for a better, more cost-effective and results-driven healthcare experience.”
In April, Alio obtained US$51 thousand clearance for its remote patient monitoring platform to intermittently collect physiological data in home-use settings. Alio completed an additional US$510 thousand submission to the FDA for clearance of non-invasive monitoring of haemoglobin, haematocrit and potassium in chronic care patients with conditions such as ESKD and anticipates a response in the first half of 2023. Following clearance, Alio will commercially launch its platform and scale the business by leveraging partnerships formed with global leaders in kidney care.