San Francisco-based Savonix, maker of an app for neurocognitive assessment, has raised $5.1 million in a new round of funding. DigiTx Partners led the round with additional contribution from ReThink Impact.
The company, which was founded in 2015, is made up of neuroscientists and gaming experts. Its product, Savonix Mobile, is a 30-minute brain training and testing app based on existing clinical guidelines and procedures. It's designed to replace a costly, often time-consuming process that involves a clinician working with pen and paper to screen patients. The app is available internationally via healthcare licenses and third party partnerships.
"After experiencing first hand the challenges posed by outdated cognitive tests, our team understands the critical nature of our work and are passionate about making it easier for everyone to receive the testing and information they need to lead healthier lives," CEO Dr. Mylea Charvat said in a statement. "This latest round of funding validates our mission and business model. We look forward to expanding our reach across the United States and around the world."
Specifically, Savonix will use the new funding to expand into new international markets including China and Japan. The company also plans to develop additional partnerships and to hire more data scientists and product developers.
This is the company's second round of funding -- It got $1.5 million in seed funding in 2015. Savonix Mobile launched last fall.
Dr. David Kim, CEO at DigiTx Partners, and Heidi Patel, Partner at ReThink Impact, will join Savonix's Board of Directors.
"We firmly believe that Savonix is poised to transform how the medical community will use mobile platforms and technology to generate critical insights into the cognitive status of each individual. DigiTx seeks to partner with innovative companies building novel solutions that address critical problems and inefficiencies in healthcare and life sciences through the use of technology and meaningful data," Kim said in a statement. "We look forward to collaborating with Dr. Charvat and her exceptional team to deliver this technology for broad applications and support their rapid commercial growth trajectory."
In addition to the funding, Savonix announced some new strategic partnerships. The company will work with New York University (NYU), CereScan, Proove Biosciences, Alkahest and Senescence Life Sciences to establish a new gold standard for cognitive assessment.
“We’re excited to work with these leading life sciences and academic institutions to provide further validation and capture additional data for our Savonix Mobile platform,” Charvat said in a statement. “The brain is your body’s motherboard and controls all vital functions from personality to pain feedback loops to your heartbeat. We believe cognition is the fifth vital sign, as it is highly correlated with treatment outcomes in many conditions ranging from diabetes to post-operative care. Savonix is dedicated to providing access to affordable, user-friendly cognitive tests for everyone.”
