Limbix Raises $15 Million in Series A2 Financing
Capital for commercialization of SparkRx for adolescent depression and exploration of new digital therapeutics to address mental health needs in pediatrics
SAN FRANCISCO--(BUSINESS WIRE)-- Today, Limbix, a prescription digital therapeutic company developing treatments for adolescent mental health disorders, announced it has raised $15 million in Series A2 financing from both existing and new investors, bringing total funding to date to $31 million. The round was led by GSR Ventures, with participation from existing investors Digital Garage, Storm Ventures, Bixink and DN Capital. The round also includes investments from Korean Investment Partners, E& Investment, Gaingels, MVP, Operator Partners, Mana Ventures and Pacific Health Ventures.
Last month, Limbix launched SparkRx, the first digital therapeutic for adolescents with symptoms of depression. The SparkRx program is based on core principles of cognitive behavioral therapy with a focus on behavioral activation and is delivered to patients via smartphone. Limbix also recently announced positive results from a clinical trial of SparkRx, which demonstrated a statistically significant reduction in depression symptoms, compared to an active control, for users who completed the program as recommended.
“With the launch of SparkRx Limbix has proven they are leading the way to provide new treatments for adolescents with symptoms of depression. We are thrilled to continue supporting the Limbix team - making treatments available for adolescents in need,” said Justin Norden, MD, Partner at GSR Ventures.
Capital raised in the financing will be used by Limbix for commercialization efforts and to double its staff to approximately 60 employees by Q2, 2022. With an expanded product and research team, Limbix plans to accelerate the development and testing of new digital therapeutics targeting other common adolescent mental health disorders.
“We are incredibly grateful to our investors for their support as we work to build evidence-based prescription digital therapeutics to address the mental health crisis head-on, improving access to treatment for adolescents and ensuring care is delivered when it is needed most,” said Ben Lewis, CEO, Limbix. “The mental health crisis for children and young adults has reached an emergency level, exacerbated by the challenges and disruption caused by the COVID-19 pandemic. As the need for mental health treatment continues to grow, we aim to provide physicians with safe, effective technology-based resources that can immediately address their patient’s mental health needs across an array of adolescent conditions.”
Limbix is a prescription digital therapeutic company passionate about creating mental health treatments for adolescents. The Limbix team is uniquely suited to develop prescription digital therapeutics, as its diverse team of clinicians, product designers, researchers, and engineers understand the value of pairing clinical expertise with technological innovation. Their first digital therapeutic, SparkRx by Limbix, is now available for licensed health care professionals to offer to patients nationwide.
For more information about Limbix and SparkRx by Limbix, please visit limbix.com.