Akili Interactive, a creator of personalized digital prescription video game treatment designed to improve cognitive impairments in children, announced a $110 million Series D financing round.
Neuberger Berman Funds led the funding round with participation from new investors Polaris Partners; Mirae Assets; Shionogi & Co., New Leaf Venture Partners; Dave Baszucki, Founder and CEO of Roblox Corporation; QUAD Investment Management, and Ladera Venture Partners.
Existing Akili investors Temasek, Baillie Gifford, JAZZ Venture Partners, Evidity Health Capital, Omidyar Technology Ventures, Fearless Ventures, Amgen Ventures, and M Ventures (the corporate VC fund of Merck KGaA, Darmstadt, Germany) all participated in the financing round.
Including the latest funding round, Akili Interactive has raised $230 million to date. According to Akili, the latest funding will accelerate the commercialization of its flagship treatment EndeavorRx, enables expansion of its core technology to treat a broader range of conditions, acute and chronic cognitive disorders, and drive further research and development of new technologies.
EndeavorRx is an FDA-cleared treatment delivered through a video game experience. The treatment is designed to improve attention function in children with attention deficit hyperactivity disorder.
In conjunction with the Series D financing, Akili also closed a credit facility for up to $50 million with Silicon Valley Bank to provide an optimal capital structure.
“Akili is a leader in the digital therapeutics industry, setting the standard for clinical validation and advancing innovative medicine that challenges the imagination,” said Gabe Cahill, Managing Director of Neuberger Berman.
“Akili set the bar high when we set out to challenge the status quo of medicine in 2011. Since then, we have developed a completely new treatment category that has the potential to help hundreds of millions of people living with cognitive impairments,” said Eddie Martucci, Ph.D., Akili’s co-founder, and CEO.
Eddie Martucci added: “This latest round of funding enables us to take another meaningful step towards delivering on this promise to patients and fully realize the potential of digital treatments. Beyond treating disease, digital therapeutics of the future will be data-rich, adapt to the unique needs and preferences of each user, deliver amazing experiences, and even integrate into our everyday lives. We look forward to continuing to make the future of medicine a reality for patients.”
Digital health companies raised $7.2 billion in Q1 2021, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report.