(Bloomberg) -- Alto Pharmacy, a digital pharmaceutical startup based in San Francisco, has raised at least $40 million from investors in the form of a convertible note, according to people familiar with the matter.

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SoftBank Group Corp., an existing backer of Alto, will participate in the deal, said the people, who asked not to be identified discussing private information.

The company did not respond to requests for comment. SoftBank declined to comment.

Alto was most recently valued at $786 million in a funding round earlier this year, according to data from research firm PitchBook. That’s a substantial decline from its previous $1.8 billion valuation during the pandemic boom.

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