Biotherapeutics company Akili Interactive has made strides in the field of digital therapeutics with its video game treatment EndeavorRx™. EndeavorRx™ is currently the only prescription video game treatment on the market and received clearance from the Food and Drug Administration in June of 2020. The game utilizes clinical validation and data-driven insights to create a positive patient experience and outcome.
The game is built on the Achilles Selected Stimulus Management Engine Care Technology. It is designed to target attention control systems in the brain, providing patients with sensory stimuli and motor challenges. One study showed improvements in children regardless of whether they used EndeavorRx™ with or without stimulants. 27.2% of children responded to the treatment after one month and 45.3% responded after two months of using the game.
Now, Akili recently announced it has secured a $160 million combined equity in debt financing. The Series D funding will go toward Akili’s go-to market approach in order to bring EndeavorRx™ to those living with attention deficit/hyperactivity disorder and other cognitive disorders.
The funding was led by Neuberger Berman Funds with participation from new investors such as Polaris Partners; Mirae Assets; Shionogi & Co., Ltd.; New Leaf Venture Partners; David Baszucki, Founder and CEO of Roblox Corporation; QUAD Investment Management; and Ladera Venture Partners.
This latest financing round has increased the company's total equity funding to $230 million. It also closed a credit facility for up to $50 million with Silicon Valley Bank which offers an optimal capital structure.
Chief Financial Officer at Akili, Santosh Shanbhag stated, “Our $160M financing announced today is another significant step in delivering on Akili’s mission to reinvent medicine. This is the latest milestone in what has been a revolutionary journey for Akili. It will enable us to bring EndeavorRx to as many appropriate patients as possible, advance our core technology, expand our global footprint, and fund research across a wide range of cognitive impairments.”
Akili looks to offer adaptive preferences and a data-driven experience to its patients. Akili is pioneering digital therapeutics through its technology and will continue evolving to meet the needs of those with ADHD and other cognitive impairments.
