Savonix Closes $9.6M Series A Extension Round Led by Fusion Fund and Wavemaker Partners
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Funds raised will fuel product development and corporate growth of
flagship digital cognitive assessment platform Savonix Mobile -
Recent $9.6M extension round brings the total Series A financing
secured to $14.7M
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.
About Savonix
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.
Contacts
Savonix
Kimberly Ha
KKH Advisors
kimberly.ha@kkhadvisors.com
917-291-5744
