November 9th 2022
NEW INVESTMENT: neotiv
Convergence Partners participates in a significantly oversubscribed Pre-Series A financing round for the digital health company neotiv GmbH. The total funding 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 to support early diagnosis of dementia.
Discovering Alzheimer's earlier
With its CE-marked medical device neotivCare®, neotiv offers digital memory tests for people with self-perceived memory problems and facilitate 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)' using our revolutionary medical device neotivCare® is growing rapidly. Only widespread coverage with reliable diagnoses will set the course for innovative therapies for a frequently undetected early Alzheimer's disease and thus be able to help many patients."
Significantly increasing the chances of treatment
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. Thus, neotivCare® can reliably detect the signs of Alzheimer's pathology before symptoms are visible. The earlier a diagnosis is made, the faster and more effectively treatment can be initiated. "The technological foundation we have created with neotivCare® allows all physicians to reliably screen suspected cases of MCI against a backdrop of increasing prevalences. This puts us in a unique position to quickly deliver drugs with a disease-modifying approach 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 signed cooperation agreements with health insurers, and further talks are currently underway. According to an estimate by the German Alzheimer Society, 1.8 million people suffer from Alzheimer's disease. Last year alone, 440,000 people were newly diagnosed in this country, it said. According to the 2021 World Alzheimer Report, 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 most common illness of the 21st century," said Daniel Koppelkamm, Managing Partner of Convergence Partners.
neotiv GmbH is a spin-off of OVGU Magdeburg in close cooperation with the German Center for Neurodegenerative Diseases - DZNE. The neotiv GmbH was founded in 2014 and is headquartered in Magdeburg with further 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 is on mobile apps for smartphones and tablets that enable testing of important memory functions. These tests can be used as a study application neotivTrials both for scientific purposes, to accompany studies for many years or, for example, to optimize recruitment processes for studies. Furthermore, the benefit in the health care system is a core application area. The medical device neotivCare supports patients in the medical assessment of self-perceived memory problems. Tests can be carried out 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 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.
More information about neotivh can be found on their website neotiv.com