News

IP Group, a leading specialist in university research commercialisation, announced today that it has participated in a NZ$16.3 million Series A funding round for digital healthcare and medical device portfolio company Alimetry. IP Group led Alimetry’s seed round last year.

Alimetry will use the funding to accelerate the international launch of its first product, Gastric Alimetry, a wearable medical device used to inform diagnosis of gastric diseases.

The new investment will also be used to expand Alimetry’s artificial intelligence capabilities and grow its product pipeline.

Gastric Alimetry uses a stretchable, high-resolution sensor to non-invasively map digestive patterns and deliver clinical reports via the cloud to inform the diagnosis and classification of gastric disorders. It targets common stomach conditions, including nausea, vomiting, gastroparesis, and functional dyspepsia, affecting over eight per cent of the world’s population and responsible for billions of dollars in healthcare expenses.

The device is currently undergoing clinical trials in five countries, with results and further regulatory approvals expected later in 2022.

Alimetry was born out of the University of Auckland in 2019 and was founded by Professor Greg O’Grady and Dr. Armen Gharibans following a decade of award-winning research.

Prof O’Grady, chief executive officer at Alimetry, said: “Chronic gastric symptoms are extremely common, yet many of our patients still suffer from repeated inconclusive tests, trial and error care, and confusion.

“Gastric Alimetry is on track to deliver break-through results in detecting gastric symptoms, enabling enhanced clinical outcomes and safer, more accessible, and less-invasive care.”

Dr Siro Perez, Head of Life Sciences at IP Group Australia, said: “We are proud to follow on from our first investment in Alimetry last year, to transform the diagnostic pathway for millions of patients with gastric disorders.

“It is another example of the potential for the break-through research being done from our partners at the University of Auckland.”

Movac, New Zealand’s largest venture capital investor, led the Series A round, with IP Group and Alimetry's other existing investment partners Matū Karihi and UniServices, as well as K1W1 also providing additional funding.

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.”

To learn more about Alimetry visit www.alimetry.com.

 

Media contact: Aileen Bodart, Cannings Strategic Communications, +61 432 160 136

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