Cortica Announces $60 Million Financing to Accelerate National Access to Comprehensive Autism Care Model
The Series C was led by Longitude Capital and adds board members Adam Boehler and Martha Temple
SAN DIEGO, June 29, 2021 /PRNewswire/ -- Cortica, Inc. ("Cortica"), a leader in technology-enabled clinical services for autism and other neurodevelopmental conditions, announced today a $60 million financing to further its mission to transform autism care. Longitude Capital led the oversubscribed Series C round with participation from new investors .406 Ventures and Adam Boehler, along with existing investors Questa Capital and Aperture Venture Partners. Silicon Valley Bank also participated by expanding Cortica's credit facilities. Cortica is led by co-founders Neil Hattangadi, M.D., CEO, and Suzanne Goh, M.D., BCBA, Pediatric Neurologist and Chief Medical Officer, both Rhodes scholars who met at Harvard Medical School.
Cortica is accelerating its already rapid growth, expanding centers across multiple states, and investigating novel drug, device, and diagnostic technologies through sponsored and NIH-funded research. Cortica is considered a leader in autism outcomes research, having conducted multiple clinical studies to demonstrate the therapeutic benefits and cost-effectiveness of its evidence-based platform. "I am honored to have investors and board members with a proven record of success and an unwavering commitment to helping children with neurodevelopmental differences," said Dr. Neil Hattangadi. "These partners will help us accelerate the rollout of our autism care centers nationally, as well as support ongoing innovation for clinical care delivery and the family experience."
"Cortica's revolutionary technology-enabled care model provides families with a comprehensive diagnosis inclusive of genetic, metabolic, and neurophysiologic causes paired with coordinated, multidisciplinary therapies to improve a child's sensorimotor processing, medical comorbidities, communication, and socialization," said Michael Wert of Longitude Capital and new Cortica board member. "We look forward to supporting the Cortica team in its expansion of this holistic, patient-centric approach."
As part of the financing, Cortica is pleased to announce the addition of two industry leaders to its board of directors: Adam Boehler, CEO of Rubicon Founders, founder of Landmark Health, and former director of the Center for Medicare and Medicaid Innovation (CMMI); and Martha Temple, former CEO of Optum Behavioral Health and market president at Aetna.
"I am focused on partnering with or building companies that are changing peoples' lives and driving transformational change in healthcare," said Adam Boehler. "Autism is a healthcare crisis in this country, and Cortica's validated care model is the most compelling solution I've seen, as it delivers better outcomes for patients at a lower cost. I am proud to be partnering with Neil, Suzanne, and their incredible clinical leadership team from many of the best academic medical centers in the country."
"After 30 years as a payer executive, I recognize the radical common sense of integrating behavioral, developmental, and medical care as Cortica does so well in autism care," said Martha Temple. "By leveraging technology and thoughtfully coordinating care, Cortica has demonstrated impressive outcomes across multiple domains, incredibly high member satisfaction, and a commitment to driving down utilization by delivering only the appropriate therapies for each clinical challenge."
"I've spent my academic career studying autism – from genetics, metabolomics, and functional imaging, to enhancing communication and literacy in children. This research, along with Neil's and my core beliefs that empowering children with neurodevelopmental differences is a human rights issue and that their families deserve tremendous hope and joy in their lives, have built Cortica and will continue to drive our future," said Dr. Suzanne Goh.
About Cortica Inc.
We're on a mission to revolutionize healthcare for children with autism and other neurodevelopmental differences. Cortica was founded to fix the fragmented journey families typically navigate while seeking diagnoses and therapies for their children. To bring our vision to life, we seamlessly blend neurology, research-based therapies, and technology into comprehensive care programs for the children we serve. Our coordinated approach leads to best-in-class member satisfaction and empowers families to achieve long-lasting, transformative results. For more information, please visit www.corticacare.com.
About Longitude Capital
Longitude Capital is a leading healthcare venture capital firm that invests in transformative biotechnology, medical technology and health solutions companies seeking to improve clinical outcomes, enhance quality of life, and drive efficiency of healthcare delivery. Founded in 2006, Longitude Capital invests in both privately held and publicly traded companies through a variety of investment approaches. Longitude Capital has offices in Menlo Park, CA, Greenwich, CT, and Boston, MA. For more information, please visit www.longitudecapital.com or LinkedIn.
Head of Marketing, Cortica
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SOURCE Cortica, Inc.