Alimetry, a digital healthcare and medical device start-up, announced today it has closed a NZ$16.3 Million financing round led by New Zealand largest venture capital investor Movac. Existing investor partners IP Group, Matū Karihi, and UniServices supported the round, with K1W1 also participating.
The company will use the funding to accelerate the international launch of its first product, a wearable diagnostic device called Gastric Alimetry. Gastric Alimetry uses a stretchable high-resolution sensor to non-invasively map digestive patterns, and delivers clinical reports via the cloud to inform the diagnosis and classification of gastric disorders.
“Chronic gastric symptoms are extremely common, yet many of our patients still suffer from repeated inconclusive tests, trial and error care, and confusion” said CEO Greg O’Grady, a Professor of Surgery and co-founder of Alimetry. “Gastric Alimetry is on track to deliver breakthrough results in diagnosing gastric symptoms, enabling enhanced clinical outcomes and safer, more accessible, and less-invasive care.”
Gastric Alimetry targets prevalent stomach diseases including nausea and vomiting, gastroparesis, and functional dyspepsia, affecting over 8% of the world’s population and costing billions of dollars in healthcare expenses. The device is currently undergoing clinical trials in 5 countries, with results and further regulatory approvals expected during 2022. Alimetry will also use the new funding to expand its artificial intelligence capabilities and expand its product pipeline.
Lovina McMurchy, a General Partner at Movac who will join Alimetry’s Board, stated “While Alimetry has only recently come out of stealth mode in New Zealand, the team has made an incredible amount of progress in bringing their product to market globally. They are already working with the top gastroenterology clinics in the world to trial the devices and they are in the approval process with the Federal Drug Administration in the US for full scale commercialization. This is a tremendous example of what our science ecosystem can produce at its very best.”
Gastric Alimetry has recently received numerous innovation and product design awards, including Gold from the Australian Good Design Awards, and a prestigious ‘Purple Pin’ at the New Zealand Best Design Awards. The Best Awards judges stated “This is a tangible example of how New Zealand science, technology and design can work together to produce brilliant results.”
Alimetry was spun-out of the University of Auckland in 2019 from a centre of excellence in digestive diseases. The company was founded by Prof. Greg O’Grady and Dr. Armen Gharibans, on the background of a decade of award-winning science.
To learn more about Alimetry visit www.alimetry.com.
Movac is New Zealand’s largest and most experienced venture capital fund, supporting technology founders from early stage through to growth investing. Movac was the first institutional grade venture investor supported by both New Zealand Superannuation and Kiwi Wealth. It currently has $400m funds under management and invests across deep tech, software, hardware and healthtech.
About IP Group
IP Group is a leading intellectual property commercialisation company focused on evolving great ideas and cutting-edge research from its partner universities into world-changing businesses. The Group pioneers a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital, scientific insight, and supporting infrastructure. IP Group, which is listed on the London Stock Exchange (LSE: IPO), has a strong track record of success and, its portfolio comprises holdings in early stage to mature businesses across life sciences and technology. In Australia and New Zealand, IP Group works in close partnership with the Go8 Universities and the University of Auckland to identify ground-breaking technologies rooted in hard science, which have the most promising commercial potential. www.ipgroupanz.com
About University of Auckland Inventors’ Fund, managed by Auckland UniServices
The University of Auckland Inventors Fund is an evergreen, open-ended $20 million investment fund owned and managed by Auckland UniServices Limited, the commercial company for The University of Auckland. The Inventors’ Fund provides seed capital for ventures started out of the University of Auckland. www.uniservices.co.nz
About Matū Karihi Fund.
Matū is a venture capital fund investing in early-stage science and deep technology commercialisation from education and research institutions and the private sector. Karihi (nucleus) is Matū’s original pre-seed and seed-focused fund, working with start-ups at the earliest stages of their journey. As an open fund it raises capital over time and holds investments through to exit where possible, and therefore invests on a long timeframe. www.matu.co.nz
K1W1 Ltd is an investment company owned by Sir Stephen Tindall. It has invested over a total of $100M Seed and Venture capital into a large number of start-up and early stage businesses from Biotech, environmental technology, high tech, software and other high export potential businesses. The aim is, either directly or as a “fund of funds” to assist young entrepreneurs to grow New Zealand as a leader in the “knowledge economy” and to help create a culture of making New Zealand “cash flow positive” in international goods and services trade.