Savonix Secures $9.6M Series A+ Funding to Advance Digital Neurocognitive Assessment Platform

VCBeat (WeChat ID: vcbeat) has learned that on April 25, cognitive health technology company Savonix announced the completion of a $9.6 million Series A+ financing round. The round was led by Fusion Fund and Wavemaker Partners, with participation from DEFTA Partners and existing investors Rethink Impact and DigiTx Partners.

Previously, Savonix raised approximately $16 million in funding in 2015, 2017, and 2018, respectively.

Savonix is a technology company focused on cognitive health, with its core business encompassing three main areas: providing neurocognitive assessment services for patients; offering support to healthcare providers in clinical decision-making, workflow optimization, and treatment planning; and collaborating with academic institutions and pharmaceutical companies to deliver cognitive measurement services for clinical trials. Led by clinical neuropsychologists and digital health technology experts, Savonix has become a global authority in the field of cognition.

The company’s flagship product, Savonix Mobile, is a brain training and assessment program that enables users to complete an evaluation in just 30 minutes. It is designed to replace traditional cognitive testing protocols that are typically costly and time-consuming. Through this program, Savonix delivers accurate, actionable, and affordable mobile solutions for assessing brain health in patients.

Regarding the use of proceeds from the latest funding round, Dr. Mylea Charvat, CEO of Savonix, stated that the capital will be used to expand into the U.S. and Asian markets. Additionally, Savonix plans to further develop additional features for Savonix Mobile to better assess, track, and monitor users’ cognitive health, and to establish personalized treatment plans for the prevention and management of cognitive impairment.

“Lu Zhang, Founder and Managing Partner of Fusion Fund, stated, ‘We see tremendous potential in applying artificial intelligence technology to mental health assessments and disease prevention. Savonix also plans to further develop its industry-leading digital cognitive assessment products and team. Our mission is to help them expand their market presence and establish more partnerships to accelerate the company’s growth.’”

Paul Santos, Executive Partner at Wavemaker, stated, “Alzheimer’s disease is a leading cause of death and disability in aging societies such as Japan, yet patients across Asia still endure long wait times and costly paper-and-pencil tests. We believe Savonix’s digital solutions can help address this challenge, enabling patients in Asia to access timely and affordable diagnosis and care.”

Fusion Fund is a venture capital firm based in California, USA, primarily investing in startups with disruptive and innovative technologies. Leveraging its technical expertise and corporate background, Fusion Fund helps its portfolio companies overcome technological barriers in their business models, optimize their products, and expand into new markets.

Wavemaker is a cross-border venture capital firm with dual headquarters in the United States and Singapore, focusing on seed-stage investments. Wavemaker manages $180 million in assets, primarily investing in companies located on the U.S. West Coast and in Southeast Asia.

DEFTA Partners is a technology-focused venture capital firm that primarily provides seed and Series A financing to early-stage information technology companies, helping them expand their businesses globally. DEFTA has offices in the United States, Japan, Israel, and the United Kingdom.

Rethink Impact is a venture capital firm that primarily invests in startups with high potential and impact, capable of delivering superior returns to investors. Additionally, Rethink Impact places particular emphasis on supporting technology companies founded by women leaders. Leveraging over 50 years of entrepreneurial and investment experience, the firm strives to drive systemic change in the fields of health, education, sustainable development, and economic empowerment.

DigiTx Partners is a venture capital firm focused on the digital health sector. The company primarily invests in digital health innovators capable of transforming the healthcare ecosystem. DigiTx Partners believes that these companies will reshape the patient care experience, accelerate drug development, and establish a new paradigm for the doctor-patient relationship.

(Compiled by: Wang Yue)