Alimetry raises USD $18m for gut health innovation

Alimetry, a med-tech company, has successfully raised an oversubscribed USD $18 million in financing to aid in the commercialisation of its wearable gut health monitoring device.

The device, which has gained clinical approval from the United States Food and Drug Administration, is designed to provide a more efficient and cost-effective method for diagnosing gut health issues, a process traditionally known to be slow and complex for patients experiencing chronic conditions.

The oversubscribed funding round was led by GD1 (Global from Day One) with additional support from the American Gastroenterological Association GI Opportunity Fund, Olympus Innovation Ventures, IceHouse Ventures, and existing investors.

Chief Executive Dr Greg O'Grady commented on the device's impact.

"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."

Vignesh Kumar, GD1 Co-Managing Partner, remarked on the technology's significance, saying, "Alimetry turns months or even years of testing into improved clarity and safer, more accessible, less invasive care. 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."

The device operates by detecting electrical currents produced by the gut, which are weaker than those found in the heart.

This technology, described as Body Surface Gastric Mapping, functions much like an electrocardiogram (ECG) but focuses on the stomach. The collected data is analysed using AI-driven algorithms to produce the Gastric Alimetry Report, providing clinicians with data-driven insights for diagnosis.

Michael L. Kochman, MD, AGAF, MASGE, Fund Manager and Advisor for the AGA GI Opportunity Fund, expressed his support, "The AGA GI Opportunity Fund is excited to support Alimetry and its breakthrough platform that will improve the patient experience by reducing both the time and cost of diagnosing GI symptoms."

Chris Andrews, Chief Medical Officer at the University of Calgary, added, "Gastric ailments have a myriad of causes - arising from diets, diseases, and the vagus nerve (physiological causes) to things like stress and the gut-brain axis. Having a multimodal platform that assesses all of these things at the same time is a game-changer for clinicians."

Since its release in 2022, the device has been adopted by over 40 hospitals and clinics worldwide. The acceptance was further bolstered by the American Medical Association establishing a Category III Current Procedural Terminology code, facilitating widespread use and reimbursement.

Professor Bu' Hayee from King's College London commented on the device's influence, stating, "Alimetry is transforming how we approach patients with various gastric disorders. It's difficult not to get over-excited about this."

Alimetry, established in 2019 by Dr O'Grady and Dr Armen Gharibans with its research initiated at the Auckland Bioengineering Institute, continues to enhance its product's features and expand its application beyond gut diagnostics.

"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 the industry. 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."