SAN FRANCISCO--(BUSINESS WIRE)--Savonix, a global leader in cognitive health, today announced the successful completion of $9.6M in Series A extension financing, bringing the total round to $14.7M. The round was co-led by new investors Fusion Fund and Wavemaker Partners (Draper Venture Network), with participation from DEFTA Partners and from existing investors Rethink Impact and DigiTx Partners.
Savonix leverages machine learning to gather insights from data to drive population health knowledge about cognition and its relationship to biomarkers and diseases as diverse as diabetes and dementia. The company’s flagship digital cognitive assessment platform, Savonix Mobile, delivers an accurate, actionable, accessible and affordable mobile assessment of brain health.
“Savonix is delighted to welcome this group of top tier investors, and this additional funding will help accelerate our continued growth and market expansion for our cognitive platform into key markets in the US and Asia,” said Dr. Mylea Charvat, CEO and Founder, Savonix. “The additional funding will also enable us to further develop and add additional features to our lead product Savonix Mobile, to better assess, track and monitor an individual’s cognitive health and to build personalized treatment plans to prevent and manage cognitive decline.”
In conjunction with the new financing, Lu Zhang, Founder and Managing Partner at Fusion Fund, BT Slingsby, CEO & Executive Director at Global Health Innovative Technology Fund, and Tony Estrella, Managing Director of Taliossa will join Savonix’s Board of Directors. The existing Board members include Heidi Patel, Managing Director at Rethink Impact, and Dr. Mylea Charvat, CEO and Founder of Savonix.
“Fusion Fund is excited to join the Savonix team, as we see great potential of applying AI technology in mental health screening and prevention. Savonix has the leading product platform and team in the industry for digital cognitive assessment. We are excited to accelerate the company’s growth as it enters the next stage of partnership and market expansion,” said Lu Zhang, Founder & Managing Partner of Fusion Fund.
“Alzheimer’s disease is the leading cause of death and disability in aging countries like Japan, far exceeding heart disease. Yet, despite Asia's aging population, there are few clinical neuropsychologists in Asia leaving patients to endure long wait times and expensive pen-and-paper tests. We believe Savonix's digital solution helps bridge this gap, so people get the diagnosis and care they need in a timely and cost-effective manner. We are excited to invest in Savonix as they scale their partnerships to build the cognitive datasets that do not exist currently, particularly for non-Caucasian populations,” said Paul Santos, Managing Partner at Wavemaker.
“DEFTA Partners is thrilled to join the team. Dementia is a significant healthcare challenge especially in Japan which has a rapidly aging population. Savonix has developed clinically proven accessible solutions that we believe is going to improve outcomes. We look forward to working with Dr. Charvat and the Savonix team to address this critical issue in Japan and globally,” said Kyoko Watanabe, Managing Director, DEFTA Partners.
Savonix delivers a fully mobile assessment of cognitive function available on Android and iOS for phone and tablet, the Savonix Cognitive Assessment platform is an accurate, accessible and affordable tool for professional cognitive screens with diagnostic and treatment planning support. It empowers healthcare providers, payers and researchers to evaluate and leverage results to improve health and treatment outcomes. Led by clinical neuropsychologists and digital health technology experts, the company has established itself as an authority on cognition globally. To learn more about Savonix, visit Savonix.com.