neotiv, a Germany-based startup whose digital software lets people and doctors identify the early signs of Alzheimer's disease, has extended its series A round bringing the total raised to €10 million.
The cash round is being led by UK/Belgium fund manager Capricorn Partners' Digital Growth Fund, together with others backing the crossroads of digital tech and medicine, namely German hard tech partnership High-Tech Gründerfonds (HTGF) and bmp with IBG Fonds.
Also taking part is Convergence Partners, RSJ Investments, Sana Future and Vega Ventures. The first seed tranche was an undisclosed contribution from High-Tech Gründerfonds three years ago.
neotiv's digital health app is called neotivCare. The software has digital memory tests designed for people experiencing subjective cognitive decline, enabling relatives to encourage a doctor's visit and clinicians to determine if/when the deterioration should be classified as a mild cognitive impairment.
The use of neotivCare is classified as a CE class I medical device for diagnosing cognitive declines. neotiv plans to use the pre-series A funds to reach more German customers but will also look to expand internationally, with an estimated 32 million dementia patients with Alzheimer's globally.
A further 69 million are thought to be in the prodormal phase of the deal, says research published by the Alzheimer's Association, meaning they could be treated more successfully with future Alzheimer's drug treatments if diagnosed correctly. One of the biggest red flags that could suggest Alzheimer's is episodes of memory loss, caused by mild cognitive impairment in the early onset of the disease.
neotivCare was founded in 2017 as a spin out of Otto von Guericke University Magdeburg, whose scientific research and collaborations led to the memory tests which can help pick up Alzheimer's faster.
The scientific advisory aboard includes professor Wolfgang Hoffman from the German Center for Neurodegenerative Diseases; professor Robert Howard from University College London's old age psychiatry unit; and UC Berkeley professor William Jagust, a specialist in dementia and brain aging.
The €10 million round is also being invested to allow neotivCare to grow and deliver further software innovations that help patients to access care earlier and more consistently, leading to improved outcomes.
While there isn't a cure for Alzheimer's today, a number of candidates have demonstrated potential by modifying protein deposits in the brain linked to the disease.
One of these drugs, lecanemab, recently reported encouraging results from a worldwide phase 3 clinical trial. Following the phase 3 trial, HTGF believes there's a better "chance of a drug being approved in the US and Europe."