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Funding

Kiwi medtech startup Alimetry raises $27 million Series A2 for gut health wearables

- October 29, 2024 2 MIN READ
Alimetry cofounder Dr Armen Gharibans with investor Vignesh Kumar from GD1 and his cofounder and CEO Dr Greg O’Grady.
Alimetry cofounder Dr Armen Gharibans with investor Vignesh Kumar from GD1 and his cofounder and CEO Dr Greg O’Grady.

Alimetry revolutionises gut health diagnosis by integrating AI into its wearable device, raises US $18m to fuel next phase of growth

New Zealand startup Alimetry has raised US$18 million (A$27m) in a Series A2 round to commercialise its wearable gut health monitoring device for the US market.

The round was led by Kiwi VC GD1 (Global from Day One), with participation from the American Gastroenterological Association  GI Opportunity Fund, Olympus Innovation Ventures and IceHouse Ventures, as well as existing backers.

Alimetry was founded in 2019 by Dr O’Grady and Dr Armen Gharibans, using research developed at the Auckland Bioengineering Institute., to make gut health accessible.

Alimetry’s gut monitoring wearable.

Nearly 10% of the population suffer from chronic gut symptoms ranging from abdominal pain to chronic indigestion, nausea and vomiting. The problem is that current diagnostic process is slow and poor for patients.

Alimetry reduces the cost, time, and complexity of gut health diagnostics using a highly sensitive wearable device that detects electrical currents from the gut (they’re about 100x weaker than those from the heart). They’re picked up via the skin’s surface in a manner similar to an ultra-high resolution electrocardiogram (ECG).

Recordings of those signals are taken while patients eat and digest a meal as patients log any symptoms on an app. The data is then analysed using AI-trained algorithms to deliver a report for gastrointestinal clinicians on any issues.

Alimetry CEO Dr Greg O’Grady, who’s also the University of Auckland’s Professor of Surgery, said they’ve now completed 30 clinical studies into its effectiveness.

 “Alimetry was designed to introduce clarity into a field that has involved lengthy, uncertain diagnostic journeys,” he said.

“It gives clinicians the tools they need to quickly and correctly diagnose patients so that we can move on from trial and error –  and guesswork –  into clarity of care and personalised medicine.”

The device and platform have been approved for clinical use by the US Food and Drug Administration to roll out to that market since an initial release two years ago. More than 40 hospitals and clinics globally have signed on to use the device.

The company’s R&D team is headquartered in New Zealand and its products manufactured in the US, with the raise focused on its commercialisation there

“In addition to commercialising our debut product, our team is also focusing on ‘what’s next’ in terms of using our proprietary tech to keep on pushing the limits of what’s possible in industry,” Dr O’Grady said.

“We’ll be introducing new features and new elements of our platform as well as expanding into using Alimetry beyond the gut – such as paediatrics. The technology is also suited for use in other organs such as the colon, ultimately, helping us reach even patients with accurate diagnostics with the potential to radically transform their health.

GD1 co-managing partner Vignesh Kumar is equally impressed by the speed and cost savings the medtech’s solution deliver.

“Alimery turns months or even years of testing into improved clarity and safer, more accessible, less invasive care,” he said.

“They’ve demonstrated the power of technology to usher in a new era of tech-enabled diagnostics – in this case the undeniable connection of gut health to patient health.”