Limbix Secures $9M Series A Funding to Advance Prescription Digital Therapeutic for Adolescent Depression

On May 9, 2020, VCBeat (WeChat Official Account: vcbeat) learned that Limbix, a leader in the field of digital therapeutics for adolescent mental health disorders, had successfully raised $9 million in Series A financing led by GSR Ventures. The new funds will be used to further research and develop the company’s flagship product, Limbix Spark. Lead investor GSR Ventures is an early-stage investment firm based in Palo Alto. Other existing investors include Sequoia Capital, Storm Ventures, NextGen Venture Partners, and BIXINK Therapeutics.

Limbix is a California-based digital therapeutics company focused on providing mental health treatment for young people. The Limbix team holds distinct advantages in developing prescription digital therapeutics, owing to its deep understanding of the value in combining clinical expertise with technological innovation. Composed of clinicians, product designers, researchers, and engineers, this diverse team is united by a single mission: to improve the lives of adolescents through mental health care.

Limbix Spark is the first prescription digital therapeutic designed to treat adolescents with depression, with its core being a multi-week program based on cognitive behavioral therapy. In 2019, Limbix conducted a registered clinical trial (NCT04165681) aimed at evaluating the feasibility and early evidence of Limbix Spark in adolescents with depression. Thirty subjects aged 12 to 21 completed weekly PHQ-8 assessments via the Limbix Spark app during the intervention period and completed self-reports and qualitative interviews during on-site visits post-intervention. The results showed a downward trend in adolescent depression indices.

“GSR Ventures’ extensive expertise in medicine and digital health makes it an ideal partner for our company,” said Ben Lewis, CEO and Co-Founder of Limbix. “In the coming years, we will conduct additional trials on Limbix Spark, formalize commercial partnerships, and work toward securing FDA Class II medical device clearance for Limbix Spark.”

“We are delighted to partner with such a passionate team to advance mental health treatments. The Limbix team is dedicated to rigorous clinical data, and their unique combination of strong medical, research, and technical expertise positions them for success,” said Justin Norden, Partner at GSR Ventures.

GSR Ventures, established in 2005, is one of the world’s most successful early-stage venture capital firms, with over $3 billion in assets under management. The firm focuses on early-stage companies developing AI-enabled healthcare technologies, enterprise software, and consumer platforms. The GSR Ventures team comprises founders, engineers, and physicians with deep technical expertise and proven track records. Notable investments include Kinsa, Deep 6 AI, DataVisor, Plus AI, and Qunar.

HongShan is a venture capital firm focused on seed, mid-stage, late-stage, and growth investments in the fintech sector. HongShan maintains offices in Hong Kong, Beijing, Shanghai, Guangzhou, Hangzhou, Suzhou, and Shenzhen. Over the past nine years, HongShan has built a diversified portfolio of approximately 300 companies that deliver high investment returns through differentiated technologies and innovative business models.

Storm Ventures is a venture capital firm with a total addressable market (TAM) of $600 million, dedicated 100% to early-stage enterprise investments. Composed of seasoned industry veterans, Storm Ventures leverages its collective expertise to assist and empower entrepreneurs in building companies with enduring value. The firm manages over $500 million in assets under management, focusing on information technology companies at the seed and growth stages. Its limited partners include hundreds of senior executives who have achieved success at prominent financial institutions and technology companies. Storm Ventures’ annual recurring revenue (ARR) has grown from $0 to $100 million, spanning the trajectory between these two milestones.

NextGen Venture Partners collaborates with over 1,100 venture partners, investing $1 million in seed-stage companies and $2–10 million in companies with revenues exceeding $10 million. Its venture partners are top-tier founders and innovation executives from across China, whose expertise and networks help NextGen accelerate the growth of other portfolio companies.

BIXINK Therapeutics is an innovative biopharmaceutical company that pioneers next-generation technologies by integrating information technology with biotechnology, establishing new therapeutic paradigms through creativity and innovation. BIXINK has developed digital therapeutics for the treatment of patients with mental disorders. The company has completed feasibility testing of its device and is currently preparing to conduct a pilot study in the United States.