Akili Interactive, the maker of EndeavorRx, a prescription video game treatment, secured $160 million in combined equity and debt financing, including a credit facility of up to $50 million with Silicon Valley Bank.
In addition to the credit facility, Akili Interactive secured $110 million in Series D equity financing, which was led by Neuberger Berman Funds. In addition, Neuberger Berman was joined by new investors Polaris Partners; Mirae Assets; Shionogi & Co.; New Leaf Venture Partners; Dave Baszucki, founder and CEO of Roblox; QUAD Investment Management; and Ladera Venture Partners. Existing Akili investors Temasek, Baillie Gifford, JAZZ Venture Partners, Evidity Health Capital, Omidyar Technology Ventures, Fearless Ventures, Amgen Ventures and M Ventures (the corporate VC fund of Merck KGaA) all participated in the financing round as well.
This funding will support a go-to market approach that brings EndeavorRx to the market at scale and expands Akili Interactive’s global footprint within attention-deficit/hyperactivity disorder (ADHD) and beyond. The financing also will enable Akili Interactive to build on its patented technology platform, which has shown positive results in clinical trials across multiple indications, and to further advance its pipeline of prescription digital therapeutics (PDTs) targeting a range of chronic and acute cognitive disorders.
“Akili is a leader in the digital therapeutics industry, setting the standard for clinical validation and advancing innovative medicine that challenges the imagination,” Gabe Cahill, managing director of Neuberger Berman, said. “We are excited to partner with Akili as the company continues to break new ground with innovative therapies that improve care, reduce healthcare costs and provide an amazing experience for patients and their caregivers.”
The Series D financing round brings Akili’s total equity funding to date to $230 million.
“Our [$160 million] financing announced today is another significant step in delivering on Akili’s mission to reinvent medicine,” Santosh Shanbhag, CFO of Akili Interactive, said. “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 set the bar high when we set out to challenge the status quo of medicine in 2011. Since then, we’ve developed a completely new treatment category that has the potential to help hundreds of millions of people living with cognitive impairments,” Eddie Martucci, Ph.D., co-founder and CEO of Akili Interactive, said. “This latest round of funding enables us to take another meaningful step towards delivering on this promise to patients and fully realize the potential of digital treatments. Beyond treating disease, digital therapeutics of the future will be data-rich, adapt to the unique needs and preferences of each user, deliver amazing experiences and even integrate into our everyday lives. We look forward to continuing to make the future of medicine a reality for patients.”
Akili Interactive is a founded entity of PureTech Health, a clinical-stage biotherapeutics company.