As the world's population age, we learn more about brain health. Startups use technology to help slow down cognitive impairment.
BrainCheck, a company based in Austin and Houston that develops cognitive healthcare software to help physicians detect and manage this type of care, has raised $10 million in Series A funding to expand its R&D capabilities and go-to market capabilities. It is currently working on digital therapies for Alzheimers and other dementias.
Next Coast Ventures led the round, as did S3 Ventures. Nueterra Capital, Tensility Ventures, and True Wealth Ventures joined them. UPMC Enterprises, SelectQuote and Nueterra Capital joined the group as strategic investors. The company has raised approximately $21 million to date in funding, including a $3M seed round in 2016 as well as $8 million in Series B funding starting in 2019.
BrainChecks technology serves as a bridge between patients, and approximately 12,000 neurologists in the U.S. Cognitive function can be detected quickly and accurately by performing 10- to 15 minute tests in-person, or remotely (via a smartphone tablet, computer, or tablet).
The test assigns patients a Cognitive Quotient score (CQ), which is used to create a personalized cognitive care plan in minutes. The technology is currently used by over 400 neurology, primary and geriatrics clinics. Mount Sinai clinicians are among them. It helps to monitor and manage cognitive impairments resulting from COVID-19.
According to Yael Katz PhD, CEO and co-founder of BrainCheck, the pandemic has had a profound impact on the healthcare system, TechCrunch was contacted via email by Yael Katz.
Although the company had always planned to raise another round of capital two years after its Series A, Katz stated that they were unable to predict how the pandemic would affect their decision. They saw an opportunity to go on because of COVID's insight into how people view healthcare and their comfort with remote care.
The company will be able to invest in R&D and grow its workforce with the new funding. She said that the company already has several initiatives to close the loop on the patient journey. These will soon be available for sale.
BrainCheck's revenue grew three-fold year-over year in the past year. Katz anticipates that the trend will continue for next year. The Series B will allow us to double our growth, just as we did two years ago.
She said that all these factors, including the shift to remote working and a greater prioritization of mental well-being, as well as investing in preventive medicine, and supporting the aging community, have combined to show that what was being done matters and will continue to matter. Physicians have never had a better time investing in BrainCheck to improve patient care.
