Akili Raises Additional $13 Million, Bringing Total Series C Funding to $68 Million

17 Aug

Akili Interactive (“Akili” or “Company”), a leading prescription digital medicine company developing novel treatments for cognitive dysfunction and brain-related conditions, has raised $13 million in new funding as an extension of its Series C financing, which was announced in May. The additional funds bring the total equity capital Akili has raised this year to $68 million. Participating investors include CLSA, Omidyar Technology Ventures, Digital Garage Group (DG Incubation & DG Daiwa Ventures) and Fearless Ventures. Akili’s initial Series C financing was led by Temasek and included additional investors Baillie Gifford, Amgen Ventures, M Ventures (the CVC fund of Merck KGaA, Darmstadt, Germany), JAZZ Venture Partners, Canepa Advanced Healthcare Fund and Brooklands Capital Strategies.

“Both Akili and the broader field of digital medicine have been advancing at a significant pace,” said Eddie Martucci, Ph.D., CEO of Akili. “This additional backing from investors will help us significantly drive forward the development and deployment of our technology platform toward our goal of having a major impact in millions of patients and toward fulfilling the immense promise of digital medicine.”

“CLSA’s investments are focused on transformative ideas and technologies that have the potential to disrupt sectors and practices. Validated digital medicine is one such area, with potential to change the industry, especially in treating cognitive dysfunction,” said Jonathan Slone, CEO of CLSA, Asia’s leading capital markets and investment group. “Akili is a pioneer in the field, and we’re excited to support the company’s growth.”

Akili’s digital medicines embed specific stimuli, designed to engage targeted areas of the brain, into immersive action video game experiences to treat medical conditions across neurology and psychiatry. The Company’s lead digital treatment in development, AKL-T01 in pediatric attention deficit/hyperactivity disorder (“ADHD”), is now under review by the U.S. Food and Drug Administration (“FDA”) for marketing authorization following the Company’s recent filing.

In December 2017, Akili announced positive top-line results of a multi-center, randomized, double-blind, controlled pivotal study evaluating the safety and efficacy of AKL-T01. If cleared by FDA, AKL-T01 would be the first prescription video game to treat a medical condition and the first prescription digital medicine for children with ADHD.

Akili has a number of other digital treatments in development across neurology and psychiatry, including in Major Depressive Disorder (“MDD”), multiple sclerosis (“MS”) and various other inflammatory diseases. By the end of 2018, Akili expects results of both a Phase 2 study in MDD and of a pilot study in MS.

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