Akili Raises Additional $13 Million, Bringing Total Series C Funding to $68 Million
BOSTON--(BUSINESS WIRE)-- Akili Interactive, Inc. (“Akili” or “Company"), a leading prescription digital medicine company developing novel treatments for cognitive dysfunction and brain-related conditions, has raised $13 million in new funding as an extension of its Series C financing, which was announced in May. The additional funds bring the total equity capital Akili has raised this year to $68 million. Participating investors include CLSA, Omidyar Technology Ventures, Digital Garage Group (DG Incubation & DG Daiwa Ventures) and Fearless Ventures. Akili's initial Series C financing was led by Temasek and included additional investors Baillie Gifford, Amgen Ventures, M Ventures (the CVC fund of Merck KGaA, Darmstadt, Germany), JAZZ Venture Partners, Canepa Advanced Healthcare Fund and Brooklands Capital Strategies.
“Both Akili and the broader field of digital medicine have been advancing at a significant pace,” said Eddie Martucci, Ph.D., CEO of Akili. “This additional backing from investors will help us significantly drive forward the development and deployment of our technology platform toward our goal of having a major impact in millions of patients and toward fulfilling the immense promise of digital medicine.”
“CLSA’s investments are focused on transformative ideas and technologies that have the potential to disrupt sectors and practices. Validated digital medicine is one such area, with potential to change the industry, especially in treating cognitive dysfunction,” said Jonathan Slone, CEO of CLSA, Asia’s leading capital markets and investment group. “Akili is a pioneer in the field, and we’re excited to support the company’s growth.”
Akili’s digital medicines embed specific stimuli, designed to engage targeted areas of the brain, into immersive action video game experiences to treat medical conditions across neurology and psychiatry. The Company’s lead digital treatment in development, AKL-T01 in pediatric attention deficit/hyperactivity disorder (“ADHD”), is now under review by the U.S. Food and Drug Administration (“FDA”) for marketing authorization following the Company’s recent filing.
In December 2017, Akili announced positive top-line results of a multi-center, randomized, double-blind, controlled pivotal study evaluating the safety and efficacy of AKL-T01. If cleared by FDA, AKL-T01 would be the first prescription video game to treat a medical condition and the first prescription digital medicine for children with ADHD.
Akili has a number of other digital treatments in development across neurology and psychiatry, including in Major Depressive Disorder (“MDD”), multiple sclerosis (“MS”) and various other inflammatory diseases. By the end of 2018, Akili expects results of both a Phase 2 study in MDD and of a pilot study in MS.
Akili Interactive Labs, Inc. is a prescription digital medicine company combining scientific and clinical rigor with the ingenuity of the tech industry to reinvent medicine. Akili is pioneering the development of digital treatments with direct therapeutic activity, delivered not through a pill but through a high-quality action video game experience. Akili is advancing a broad pipeline of programs to treat cognitive deficiency and improve symptoms associated with medical conditions across neurology and psychiatry, including ADHD, MDD, autism spectrum disorder and various inflammatory diseases. Akili is also developing complementary and integrated clinical monitors and measurement-based care applications. The Company was founded by PureTech Health (PRTC.L). Akili is a founding member of the Digital Therapeutics Alliance. For more information on Akili, visit: www.akiliinteractive.com.
Forward Looking Statement
This press release contains statements that are or may be forward-looking statements, including statements that relate to the company's future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations. These statements are not guarantees of future performance and undue reliance should not be placed on them. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law and regulatory requirements, neither the company nor any other party intends to, and expressly disclaims any obligation to, update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Julie DiCarlo, 1-800-862-7807
Source: Akili Interactive