Alto Neuroscience, a provider of digital precision psychiatry for patients experiencing mental health problems, received an additional $25 million in equity funding, bringing the company’s total Series B round to $60 million and total equity capital raised to date to $100 million. Alpha Wave Ventures led the latest equity investment round.
In a separate deal, Alto announced that it secured up to $35 million credit facility from K2 HealthVentures.
As part of the investment, Chris Dimitropoulos, Managing Director of Biotechnology Investments at Alpha Wave Global, has joined the Alto board of directors.
The company plans to use the new funds to develop novel treatments for numerous mental health conditions.
Commenting on the funding news, Nick Smith, the chief financial officer at Alto Neuroscience, said: “This additional equity investment and flexible credit facility enable us to complete four definitive studies that will, if successful, enable future registrational studies in indications of high unmet medical need. We are pleased to be working with Alpha Wave and K2, among our other supportive investors, to advance Alto’s mission through crucial validation points in the coming years,” added Nick Smith.
Digital health startups providing mental health therapies have raised more than $5 billion in funding to date, according to our funding database.
The latest funding rounds in the mental healthcare space include:
Sukoon Health, a provider of virtual mental health therapy, raised $15 million in a funding round led by Lightrock India.
Healios, an online mental health therapy platform that connects patients with mental health professionals in the United Kingdom, closed £14 million in a new funding round led by AlbionVC and InHealth Ventures, with participation from Autism Impact Fund.
Hazel Health, a provider of virtual physical and mental health care services for students, raised $51.5 million in a Series C1 funding round led by Tao Capital Partners, Owl Ventures, Firework Ventures, Children’s Memorial Hermann, and Carrie Walton Penner through Fiore Ventures.
InStride Health, a provider of virtual mental health treatment for children and adolescents struggling with moderate to severe anxiety and obsessive-compulsive disorder, raised $26 million in funding from .406 Ventures, Valtruis, and Mass General Brigham Ventures.
