BROOMFIELD — Alio Inc., a Broomfield-based medical-technology company, has raised $18 million in an initial close of a Series C funding round.
Alio develops technology to monitor chronic diseases, including end-stage kidney disease.
The latest round included conversion of all outstanding convertible notes and brings the total raised by the company to $50 million, according to a press release announcing the close.
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 will be used to expand Alio’s end-to-end remote patient monitoring technology, allowing the company to scale operations, the company said.
Alio’s patient monitoring solution is designed to work on all skin colors and is 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,” David Kuraguntla, Alio’s co-founder and CEO, said in a written statement. “With this strong foundation established, we have reached a critical point in our journey. 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.”
Alio in April obtained 510(k) clearance from the Food and Drug Administration for its remote patient monitoring platform to intermittently collect physiological data in home-use settings.
The company also 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 early-stage kidney disease, with a response anticipated in the first half of 2023.