Name of Company: Octave Bioscience

William Hagstrom, founder and CEO, described details of the latest funding round announced Wednesday.

How much money did you raise and what was the funding round?:

This is the closing of a $30M extension to our Series B funding round.

Who were your investors? 

The round includes participation from new strategic investors dRx Capital, Novartis’ Digital Health Venture Capital Group, Hikma Pharmaceuticals’ venture capital arm Hikma Ventures and Intermountain Ventures.

What is the product you are developing?

The Octave Solution aims to deliver precision care for neurodegenerative diseases, starting with Multiple Sclerosis (MS). We have developed a novel multi-dimensional approach: a validated blood test to measure MS disease activity, enhanced personalized MRI insights & a digital clinical program to help with patient monitoring & continuity of care. Combined, these comprehensive insights provide biological & contextual metrics bringing scientific clarity to MS, enabling informed care, shared decision making & leading to better patient outcomes.

What problem does your product address? 

Many high-cost chronic diseases such as diabetes, cancer and others are now more manageable for those living with them. Neurodegenerative diseases remain an unaddressed, devastating area of unmet need, with significant expenses incurred by both patient and payer. At Octave, we are tackling this head-on with the integration of biological, radiographic, and clinical insights to change the paradigm of patient care.

Photo: phive2015, Getty Images