Neurocognitive Assessment Company Savonix Adds $9.6 Million To Funding Round

By Annie Baker  May 2, 2019

Savonix is a global leader in cognitive health that has announced it has raised $9.6 million in Series A extension financing, which brings the total round to $14.7 million. The series A extension financing was co-led by new investors Fusion Fund and Wavemaker Partners (Draper Venture Network). DEFTA Partners and existing investors Rethink Impact and DigiTx Partners also participated in this round.

“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 Savonix founder and CEO Mylea Charvat, Ph.D. in a statement. “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.”

What does Savonix do? The company leverages machine learning to gather insights from data to drive population health knowledge about cognition and its relationship to biomarkers and diseases like diabetes and dementia. The company’s flagship digital cognitive assessment platform known as Savonix Mobile delivers an accurate, actionable, and affordable mobile assessment of brain health.

“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.

In conjunction with this funding round, 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) are joining the company’s board of directors. They join Savonix’s current board members including Heidi Patel (Managing Director at Rethink Impact), and Dr. Mylea Charvat.

“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,” added Zhang.

DEFTA Partners managing director Kyoko Watanabe pointed out that dementia is a significant healthcare challenge especially in Japan — which has a rapidly aging population. And she believes that Savonix has developed clinically proven accessible solutions that is going to improve outcomes. And Watanabe is looking forward to working with Dr. Charvat and the Savonix team for addressing this critical problem in Japan and around the world.

Neosensory raises $10 mln

January 9, 2019

By Luisa Beltran

Neosensory said Jan. 9 that it raised $10 million in a Series A round co-led by Excel Venture Management and DigiTx Partners. Existing investors True Venturesalso participated. Neosensory, of Palo Alto, California, developing pioneers devices to send information to the brain non-invasively.

PRESS RELEASE

PALO ALTO, Calif., Jan. 9, 2019 /PRNewswire/ — Neosensory, a company that pioneers devices to send information to the brain non-invasively, today announced it has received $10 million of Series A financing. Excel Venture Management and DigiTx Partners co-led the round, with participation from existing investors True Ventures, Tao Capital, and several angel investors. With total funding of $16 million since launch, Neosensory plans to release their first product — a wristband called the Buzz — later this year. Excel’s Juan Enriquez and DigiTx’s David Kim will join Neosensory’s Board of Directors.
Co-founded by neuroscientists David Eagleman and Scott Novich, Neosensory develops consumer-friendly, non-invasive technology that was first introduced in a TED talk entitled Can we create new senses for humans? Their patented devices transform data streams into patterns of touch. One application relays sounds normally captured by the ear into vibrations on the skin, overcoming the cost and limitations of hearing aids and cochlear implants. Versions of Neosensory’s technology were recently featured on National Geographic and in Season 2 of HBO’s Westworld.
“Neosensory’s technology has the potential to extend our natural biological limitations,” said Juan Enriquez, Managing Director at Excel Venture Management. “In the context of hearing loss, we believe the market is going to incorporate wearable devices such as Neosensory’s wristband.”
Dr. David Kim, Managing Director of DigiTx Partners, added, “Dr. Eagleman and the Neosensory team are pushing the envelope in the field of sensory substitution. We are excited to support the transformation of the company from cutting-edge R&D to a strong commercial company serving the needs of millions of people.”
“We’re just scratching the surface of how powerful sensory substitution can be when combined with well-designed wearables,” said Eagleman, Neosensory’s Chief Executive Officer. “The support and expertise of our investors will help us execute our vision rapidly and worldwide.”
About Neosensory
Based in Palo Alto, California, Neosensory is a neuroscience-based company that expands perception. Neosensory’s wearable device takes in information (for example, sound, light, or data streams from the net) and translates it into patterns of vibrations on the skin. With practice, associations become automatic and a new sense is born. Learn more at neosensory.com.

About Excel Venture Management
Excel Venture Management builds companies that apply transformative life science technologies to solve problems in healthcare and beyond. Their investment portfolio spans healthcare IT and services, diagnostics, medical devices, and life science platforms. Companies funded by Excel include ShapeUp, Openwater, and ClearData. Learn more at excelvm.com.

About DigiTx Ventures
DigiTx Partners supports founders who strive to keep all people in better health. They fund companies that create innovative solutions across healthcare and life sciences, targeting data-driven technologies that generate competitive insights and improve patient outcomes. Companies funded by DigiTx include Eko Devices, Welldoc, and Tissue Analytics. Learn more at digitxpartners.com.

Tissue Analytics snaps up $5 mln Series A

January 16, 2018 By Iris Dorbian

Baltimore-based Tissue Analytics, a provider of wound and skin care solutions, has raised $5 million in Series A funding. DigiTx Partners led the round with participation from Tencent, Dreamit, Molnlycke Health Care, Intermountain Healthcare and Penn Medicine.

PRESS RELEASE

BALTIMORE, MD – January 16, 2017 – Tissue Analytics, which provides simple, easy-to-use solutions to increase efficiency and accuracy for wound and skin tracking, has announced a $5M Series A round of financing led by DigiTx Partners with participation from Tencent, Dreamit, Molnlycke Health Care, Intermountain Healthcare, and Penn Medicine.

“We look forward to supporting Tissue Analytics’ vision of providing scalable imaging analytics for healthcare providers and its endeavor to fundamentally change how wound and skin care is practiced,” said David Kim, MD, CEO of DigiTx Partners. “As a digital health fund focused on meaningful uses of data in healthcare, we are particularly excited about Tissue Analytics’ novel application of AI to significantly reduce clinical documentation time.”

Much of medicine is constrained by the quality of data that is available. Certain conditions, such as chronic wounds, burns, and other skin conditions are evaluated using only visual approximation. As a result, traditional solutions used to care for these conditions have relied on guesswork, perpetuating expensive and ineffective treatments. Tissue Analytics brings healing into the 21st century by turning smartphone into a sophisticated imaging platform with its proprietary image analysis algorithms that completely standardize wound documentation, allowing clinicians to make more informed decisions.

“Tissue Analytics plays a very important role in the next phase of health IT innovation, specifically with respect to electronic medical record integrations. We are thrilled to work with industry leaders for our Series A” said Kevin Keenahan, CEO and co-founder of Tissue Analytics. Keenahan said the financing will support the expansion of the sales team in Tissue’s Kansas City office and hiring data analytics personnel in the Baltimore office.

The company is forging new paths in the electronic medical record (EMR) industry. The Company has partnered with several of the largest companies in the space to distribute the product including Epic, Cerner, Allscripts, and athenaHealth.

In addition to the new financing, the company will pitch to a celebrity panel of judges, including Sir Richard Branson next Thursday, January 11, as a Top 10 Semi-Finalist in the Extreme Technology Challenge.

About Tissue Analytics
Tissue Analytics, Inc. develops an EMR module for chronic wound management. The company uses machine learning to speed up clinical documentation workflows and improve the quality of data. Tissue Analytics, Inc. was incorporated in 2014 and is based in Baltimore, Maryland. The company recently opened a satellite office in Kansas City, MO.


Siris Medical Inc. Raises $4 Million to Improve Cancer Radiation Treatment With Artificial Intelligence

DigiTx Partners Leads Series A1 Round with Participation from Medical Technology Venture Partners

September 19, 2017 12:09 PM Eastern Daylight Time

SAN FRANCISCO--Siris Medical, a Redwood City-based company which has commercialized the first artificial intelligence treatment decision support system in radiation therapy, announced today it has raised $4.0 million in Series A1 financing. The proceeds will be used to expand commercialization of its QuickMatch software to improve radiation treatment based on insights from past successful therapy.

“We believe that Siris offers a tool to support clinicians in their effort to efficiently deliver the highest quality radiation treatment plans for those patients needing radiation therapy”

“We believe that Siris offers a tool to support clinicians in their effort to efficiently deliver the highest quality radiation treatment plans for those patients needing radiation therapy,” said David Kim MD, CEO of DigiTx Partners. “At DigiTx, we seek partners with innovative solutions to solve problems identified with their valuable domain knowledge. We are excited to support Siris at this commercial stage as the company works to deliver this solution to an expanded set of treatment locations in both the academic medical center and community settings.”

Radiation therapy is currently delivered to nearly two-thirds of all patients who undergo cancer treatment, including over 1.3 million people in the United States annually. While radiation therapy is effective in a broad range of cancers, studies show there is a wide degree of variability in treatment quality. By leveraging past successful treatments, QuickMatch augments the clinicians’ wealth of knowledge to efficiently gain insights for the best treatment.

“We are excited to team up with focused investors to expand our commercial footprint and advance our technology,” said Colin Carpenter, CEO of Siris Medical. “There is a strong need to ensure the best treatment decision for patients diagnosed with cancer. This partnership will help enable Siris Medical to bring our solution to more patients and advance our objective to become the standard of care in radiation treatment decisions.”

As part of the transaction, Dr. David Kim and Dr. Jason Pyle, CEO of BaseHealth, will join the company’s Board of Directors.

About Siris Medical

Siris Medical empowers clinicians to achieve efficient high-quality cancer treatment decisions. It has commercialized the first FDA 510(k) cleared artificial intelligence decision support platform in radiation oncology. It is a member of both the North Shore InnoVentures and the UCSF / QB3 Rosenman incubation programs.

Savonix Raises $5.1 Million to Modernize Neurocognitive Testing and Transform Patient Care

DigiTx Leads Series A Round with Participation from Rethink Impact as Savonix Drives Innovation in Healthcare Industry

SAN FRANCISCO, CA--(Marketwired - Jun 6, 2017) - Savonix, the company that has revolutionized access to cognitive data, today announced a $5.1 million Series A funding round, led by DigiTx Partners with participation from Rethink Impact, bringing the company's total financing to $6.6 million. Savonix's Series A funding round demonstrates the market's appetite for a digital technology-driven approach to cognitive testing. Savonix will use the funds to scale its business to global markets including Japan and China, develop additional partnerships with leading medical organizations and invest in a world-class data science and product team.

Dr. David Kim, CEO at DigiTx Partners, and Heidi Patel, Partner at Rethink Impact, will join the Savonix Board of Directors, which currently includes serial entrepreneur Penny Herscher, Bandel Carano of Oak Investment Partners and Savonix founder and CEO Dr. Mylea Charvat.

"We firmly believe that Savonix is poised to transform how the medical community will use mobile platforms and technology to generate critical insights into the cognitive status of each individual. DigiTx seeks to partner with innovative companies building novel solutions that address critical problems and inefficiencies in healthcare and life sciences through the use of technology and meaningful data," said Dr. David Kim, CEO at DigiTx. "Savonix's comprehensive brain evaluation platform improves cognitive testing and overcomes the financial and time burdens of pen and paper methodologies. Their platform elegantly provides valuable insights into how high fidelity assessments can identify and monitor neurocognitive diseases. We look forward to collaborating with Dr. Charvat and her exceptional team to deliver this technology for broad applications and support their rapid commercial growth trajectory."

Savonix Mobile, the company's flagship mobile platform, is a cost-effective cognitive assessment that offers healthcare providers, payers and patients a comprehensive view into critical domains of cognitive function. With Savonix Mobile, clinicians are able to assess, track and understand a patient's cognitive health and use that data to build better treatment plans based on an individual's specific needs. This approach dramatically reduces patient time and monetary investments, eliminating the risk of missing or incorrect data and improving the overall health of patients.

"We designed Savonix to eliminate the high cost and time investments of traditional cognitive tests, enabling medical professionals to not only reach a broader population set for both treatment and clinical trials, but also to gain valuable insights into the role of cognition in a wide variety of diseases and disorders," said Dr. Charvat. "With Savonix Mobile, we provide evidence-based digital cognitive assessment that dramatically accelerates our understanding of health and disease, eliminates many barriers to entry for underrepresented populations and positively impacts the lives of individuals and the organizations who serve them."

Founded in 2015 and led by former Stanford medical professionals, Savonix set out to modernize 80-year-old standards, delivery and cost structures for cognitive tests, which are a proven predictor of outcomes in disorders as varied as chronic pain, Alzheimer's Disease, depression, Diabetes, ADHD and Chronic Obstructive Pulmonary Disease (COPD).

"After experiencing first hand the challenges posed by outdated cognitive tests, our team understands the critical nature of our work and are passionate about making it easier for everyone to receive the testing and information they need to lead healthier lives," said Dr. Charvat. "This latest round of funding validates our mission and business model. We look forward to expanding our reach across the United States and around the world."

"We are thrilled to invest in Savonix as it uses its core technology to tackle a massive social issue. Savonix's radical new approach to cognitive assessment will help bring down cost and accessibility barriers and transform the way we treat pervasive conditions that have a disproportionate impact on our most vulnerable communities," said Patel. "Research has shown that female entrepreneurs are creating faster growing and higher performing businesses, yet they receive less than three percent of all venture funding. We are thrilled to be in partnership with Dr. Charvat as she continues to invest in a gender balanced leadership team and bridges this capital gap on her way to building a business that will have tremendous impact at a global scale."

In addition to its Series A funding, Savonix announced several new key partnerships and platform advancements in a separate press release this morning, including WiFi optimization and transferring of its infrastructure from AWS to Microsoft Azure to ensure enterprise class delivery of its modern neurocognitive assessment technology.

For more information and a demonstration of how Savonix is redefining cognitive assessment, please visit www.savonix.com.

About Savonix
Savonix delivers the world's first fully mobile, evidence-based assessment of cognitive function. Available on Android and iOS for phone and tablet, Savonix Mobile is an accurate, accessible and affordable tool for professional cognitive screening. It empowers healthcare providers, payers and researchers to evaluate and leverage results to improve health and treatment outcomes. Led by clinical psychologists, neuroscientists and IT leaders, the company aims to establish the global authority on cognition and its relationship to risk, outcomes and the development of innovative therapies. Savonix evidence-based tests are digital versions of the gold standard cognition tests, many of which neuropsychologists have used effectively since the 1930s. For more information, visit www.savonix.com and follow @savonixinc on Twitter.

Astellas Launches DigiTx Partners, a Digital Health Investment Company in Partnership with MPM Capital

Tokyo and San Francisco, July 29, 2016 – Astellas Pharma Inc. (President and CEO: Yoshihiko Hatanaka, “Astellas”) and DigiTx Partners LLC (CEO: David Kim, “DigiTx Partners”) announce that Astellas has launched DigiTx Partners, a digital health investment company in partnership with MPM Capital, Inc. (“MPM Capital”). DigiTx Partners will invest in the digital health space broadly, with a special focus on companies which create solutions that improve patient outcomes and provide substantial synergy with a broader pharma business. Although the emphasis will be on earlier stage companies, investments will be made in both start-ups and growth stage companies. “Exploring unprecedented medical solutions by leveraging Astellas’ strengths in the innovative drug business and integrating these strengths with various medical and healthcare areas is one of the important initiatives of our “Creating Innovation” strategy as part of Astellas Strategic Plan. Through the investment activities of DigiTx Partners, we will explore the business opportunities in the growing field of digital health and extend our knowledge in the area. We look forward to supporting those companies with technologies that will deliver innovative solutions impacting patients’ healthcare and wellness,” said Kenji Yasukawa, Ph.D., Senior Vice President and Chief Strategy Officer, Astellas.

The effort will be led by David Kim, MD, who has deep investing and operating experience in both the healthcare and digital sectors. He was most recently the Chief Operating Officer of Lumiata, Inc. a venture-backed predictive analytics company which is positioned at the intersection of data science and medical science. In addition to his prior successful investment experiences at MPM Capital, David served as a Partner at Pinnacle Ventures LLC, investing both equity and venture debt funds, and worked as an equity research analyst at several financial institutions. David is a graduate of Johns Hopkins University School of Medicine (MD) and Stanford Graduate School of Business (MBA). 2 “In the digital health space, there is no shortage of innovative technologies and companies that would markedly improve healthcare and the effective delivery of this care to the community. DigiTx Partners aims to identify and foster those companies that will meaningfully contribute to this improvement. From day one, it will be able to leverage the considerable resources of both Astellas and MPM Capital to execute on this goal,” remarked David.

About Astellas -- Astellas Pharma Inc., based in Tokyo, Japan, is a company dedicated to improving the health of people around the world through the provision of innovative and reliable pharmaceutical products. We focus on Urology, Oncology, Immunology, Nephrology and Neuroscience as prioritized therapeutic areas while advancing new therapeutic areas and discovery research leveraging new technologies/modalities. We are also creating new value by combining internal capabilities and external expertise in the medical/healthcare business. Astellas is on the forefront of healthcare change to turn innovative science into value for patients. For more information, please visit our website at www.astellas.com/en.

About MPM -- MPM Capital (www.mpmcapital.com) is an early-stage life sciences venture investing firm with a track record of identifying and building world-class companies around transformational treatments and cures. With its deep experience, dedicated team of operating executives and distinguished Medical and Scientific Advisory Board, MPM Capital is powering medical breakthroughs that transform patient lives.

Contacts: Astellas Pharma Inc. Corporate Communications TEL: +81-3-3244-3201 FAX: +81-3-5201-7473 http://www.astellas.com/en

DigiTx Partners LLC David J. Kim (650) 553-3342 www.DigiTxPartners.com