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.
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.