Alio Medical, a wearable technology company enabling greater insights through clinical grade real-time data, announced the close of a Series B financing round totaling $20 million. This round includes the conversion of all previously issued convertible notes. The financing was led by Thomas Krebs, former Treasurer of Penumbra Inc., and by Zekavat Investment Group.
Alio will use the funding to conduct clinical studies on expanded indications and support the platform’s initial commercialization, as well as expand the Company’s enterprise partnerships within the United States and Europe. In addition, the company announced that Kenneth Zekavat, President of Zekavat Investment Group, and Eric Hargan, former deputy Deputy Secretary of Health and Human Services, would immediately join Alio’s board of directors as new directors.
“This funding provides us with the resources to advance key clinical programs and partnerships assessing remote monitoring benefits for chronic kidney disease and dialysis patients, and further enhance our transformative technology to strategically scale our platform,” said David Kuraguntla, Alio’s co-founder and CEO. “Our mission is to provide greater insights to monitor chronic conditions in real-time, beginning with the tremendous opportunity we see to transform the management of chronic kidney disease and end-stage renal disease.”
“The approach to chronic kidney disease and dialysis has not changed all that much in decades, and it remains a huge burden to the healthcare system,” said Thomas Krebs. “Alio’s clinical-grade sensors and remote monitoring platforms offer the ability to decrease the cost and increase the availability of real-time insights on chronic kidney disease and a number of other conditions. We are excited to support Alio’s next chapter of innovation and growth.”