Pre-Series A over €10 million for dementia detection APP neotiv
Magdeburg/ Zurich — Convergence Partners participates in a significantly oversubscribed Pre-Series A financing round for digital health company neotiv GmbH. The total volume is EUR 10 million. Co-investors in this round include Capricorn Partners, High-Tech Gründerfonds, bmp Ventures, RSJ Fonds, Sana Future GmbH and Vega Venture. The Magdeburg-based startup has developed an app that can be used to diagnose dementia diseases at an early stage.
Detect Alzheimer’s disease earlier
With the CE-marked medical device neotivCare®, neotiv offers digital memory tests for people with self-perceived memory problems and supports the diagnosis of mild cognitive impairment (MCI). Dr. Chris Rehse, CEO and neotiv co-founder explains: “The number of patients, physicians and health insurers who are reliably supported in the diagnosis of ‘mild cognitive impairment (MCI)’ through the use of our revolutionary medical product neotivCare® is growing rapidly. Only comprehensive care with reliable diagnoses will set the course for innovative therapies for early Alzheimer’s disease, which is often undetected, and can thus help many people affected.”
Significantly increase treatment chances
The company was founded five years ago. Using the unique neotivCare® app, patients test the memory functions of specific brain regions associated with the early developmental stages of dementia over an extended period of time. Thus, neotivCare® can reliably detect the effects of Alzheimer’s pathology before symptoms are visible. The earlier a diagnosis is made, the faster and more effective treatment can be initiated. “The technological foundation we have created with neotivCare® allows all physicians to reliably investigate suspected cases of MCI against a backdrop of rising prevalences. This puts us in a unique position to rapidly deliver disease-modifying drugs to patients,” says Prof. Emrah Düzel, Chief Medical Officer and co-founder, describing neotiv’s contribution to the standard care of the future.
Cooperation with health insurance companies
Neotiv has already agreed cooperations with health insurers, and further talks are currently underway. According to an estimate by the German Alzheimer Society, 1.8 million people have Alzheimer’s disease. Last year alone, 440,000 people were added to the workforce in Germany. According to the World Alzheimer Report of 2021, only 40% of patients receive a diagnosis. “The development of powerful drugs to treat Alzheimer’s is on the verge of a breakthrough following recent positive news from ongoing clinical trials. But all of these therapeutics rely on detecting the disease early. This is where neotiv’s revolutionary diagnostics make a crucial contribution to combating the widespread disease of the 21st century,” explains Daniel Koppelkamm, Managing Partner of Convergence Partners.
About neotiv GmbH
neotiv GmbH is a spin-off of the OVGU Magdeburg in close cooperation with the German Center for Neurodegenerative Diseases — DZNE. neotiv GmbH was founded in 2014 and is headquartered in Magdeburg with an additional office in Berlin. The goal of the young company is to translate the latest findings in neuroscience into products that can be used in science and in the healthcare system. The focus here is on mobile apps for smartphones and tablets that enable testing of important memory functions. Further, health system benefits are a core application area. The medical device neotivCare supports patients in the medical assessment of self-perceived memory problems. Tests can be performed in the home environment, which are later evaluated with the doctor and help to identify a possible disease, such as Alzheimer’s, at an early stage. In order to be able to integrate such applications into the healthcare system in a scientifically valid and sustainable way, neotiv actively cooperates with various international studies and important institutions of the healthcare system. https://neotiv.com/en
About Convergence Partners AG
Convergence Partners AG (“Convergence”) is a Swiss HealthTech venture capital firm actively supporting the internationalization of its portfolio companies in the four largest healthcare markets USA, China, India and Germany. Convergence has offices in Switzerland, Germany, Spain and Hong Kong and was founded in 2018 by experienced healthcare industry players and venture capitalists with the goal of connecting EU HealthTech innovations with large international scale-up and exit potential. Convergence focuses on later-stage investments in digital health, medical devices and diagnostics. Current key investment areas include Mental Health, Women’s Health and Computational Biology. Convergence is the venture capital partner of “Medical Valley” in Nuremberg-Erlangen, Germany’s “Digital Health Center of Excellence”. https://www.convergence-partners.ch/home .