US-based digital medication developer Akili Interactive Labs completed a $55m series C round yesterday featuring Amgen Ventures and M Ventures, subsidiaries of pharmaceutical firms Amgen and Merck Group respectively.
Singaporean state-owned investment firm Temasek led the round, which included Baillie Gifford, Jazz Venture Partners, Canepa Advanced Healthcare Fund and Brooklands Capital Strategies.
Founded by biopharmaceutical company PureTech Health, Akili is developing action video game-based treatments for conditions such as attention-deficit and hyperactivity disorder (ADHD), major depressive disorder, autism spectrum disorder and assorted inflammatory diseases.
The games, which were partially designed by cognitive neuroscientists, work by targeting the cognitive neural systems in the brain that are affected by certain disorders in order to activate them.
Akili expects to get results from a phase 2 clinical study for a treatment for cognitive dysfunction in adults with depression later this year, having secured results for an ADHD treatment in December 2017.
Eddie Martucci, co-founder and chief executive of Akili, said: “We are fortunate to be supported by such experienced investors, who bring successful long-term track records in innovative technology, medical device and pharmaceutical investment.
“We are thrilled with the vote of confidence in the potential of our technology platform to redefine healthcare, and we’re excited about the progress we continue to make towards turning that vision into a reality for patients.”
The company closed its $42.4m series B round in 2016, raising cash from Amgen Ventures, M Ventures PureTech, Jazz Venture Partners and Canepa Advanced Healthcare Fund. It has not revealed details of earlier funding.