Alio Raises $18M in First Close of Series C Financing
BROOMFIELD, Colo., Dec. 08, 2022 (GLOBE NEWSWIRE) -- Alio, Inc., a medical technology company reinventing the management of chronic disease, announced it has raised $18 million in the initial close of a Series C financing, bringing the total amount the company has raised to over $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, Inc.
Proceeds from the financing will be used to expand the company’s industry-disrupting end-to-end remote patient monitoring technology while scaling operations to align with the rapidly growing needs of the chronic care market.
Since its inception, Alio has uniquely positioned itself as a company dedicated to improving 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 breakthrough patient monitoring solution is designed to work on all skin colors and capable of non-invasively monitoring potassium while leveraging its proprietary 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 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 510(k) clearance for its remote patient monitoring platform to intermittently collect physiological data in home-use settings. Alio completed an additional 510(k) submission to the FDA for clearance of non-invasive monitoring of hemoglobin, hematocrit, 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.
Alio, Inc. is a medical technology company bringing peace of mind to people with chronic conditions through non-invasive, wireless remote patient monitoring. Currently, Alio uses its SmartPatch™ technology to monitor individuals with end stage kidney disease (ESKD) undergoing dialysis. Alio's platform uses artificial intelligence (AI) to analyze data and create actionable insights. These insights enable targeted interventions with the potential for improved health outcomes and reduced hospitalizations. Alio has built a team of seasoned leaders with diverse backgrounds spanning across industries and segments such as medical devices, wearable technology, government relations, commercialization, and reimbursement. Visit our website for more information: https://alio.ai.