Alpha Wave Ventures Kicks in $25 Million in Alto Neuroscience
Posted on 01/31/2023
Los Altos, California-based Alto Neuroscience Inc. announced a US$ 25 million equity investment by new investor, Alpha Wave Ventures. This brings Alto’s total Series B funding to approximately US$ 60 million and total equity capital raised to approximately US$ 100 million since the company was founded in 2019. In addition, Alto recently entered into a credit facility with K2 HealthVentures for up to US$ 35 million, allowing access to additional capital and flexibility as the company advances its clinical-stage pipeline. Funding to date will support Alto through a total of four Phase 2 readouts with four novel drug candidates across three indications, as well as the continued evolution of Alto’s Precision Psychiatry Platform.
In conjunction with the Series B financing, Chris Dimitropoulos, Managing Director of Biotechnology Investments at Alpha Wave Global, has joined the Alto Board of Directors.
Alpha Wave Global is a global investment company with offices in New York, Miami, London, Abu Dhabi, Tel Aviv, Bangalore, Jakarta, and Sydney. Alpha Wave was founded and is led by Rick Gerson, Navroz Udwadia and Ryan Khoury, originally named Falcon Edge Capital. K2 HealthVentures is an alternative investment firm focused on providing financing solutions to private and public companies in the life sciences and healthcare industries. Parag Shah is the Founding Managing Director of K2 HealthVentures. Parag Shah previously served as the Senior Managing Director and Group Head of the Life Sciences practice at Hercules Capital.