BrainCheck Secures $1.5M Funding to Advance Personalized Dementia Care

VCBeat (WeChat ID: vcbeat) learned from foreign media that the U.S. health diagnostics platform Braincheck closed a new round of financing worth $1.5 million on December 24, 2018. The round was led by True Wealth Ventures, with participation from Tensility Venture Partners, XFactor Ventures, S3 Ventures, and angel investors.

Braincheck is a platform dedicated to assessing human brain health. It transcends the limitations of traditional paper-and-pencil methods for evaluating cognitive status by employing non-invasive technologies for cognitive assessment. This technology stems from 20 years of research conducted by the Perception and Action Laboratory at Baylor College of Medicine (now affiliated with Stanford University), under the leadership of the company’s founder, David Eagleman.

Braincheck utilizes computer-assisted interactive testing to assess cerebral cognitive health within just ten minutes. The system presents a series of “cognitive tasks” requiring judgment and selection, with the resulting score reflecting the brain’s current cognitive level.

The platform primarily offers two types of cognitive assessments: a memory assessment and a motor function assessment. It enables data-driven detection of various brain conditions, ranging from Alzheimer’s disease to concussions. Currently, the American Academy of Neurology (AAN) states in its guidelines for evaluating mild cognitive impairment (MCI) that BrainCheck can be used for the direct assessment of MCI.

Braincheck not only helps users understand their mental state but also assists physicians in rapidly and accurately assessing patients’ cognitive levels, serving as a clinical decision-support tool. Additionally, Braincheck collaborates with schools, care facilities, and other institutions to monitor members’ brain health, enabling early detection and intervention for potential issues.

Dr. James M. LaRose of DO Bretshire Medical Clinic reported, “Since incorporating BrainCheck into my practice, I have been able to provide more personalized care to patients and expand my patient base, resulting in increased revenue.”

Currently, the platform has been used by over 40,000 people and is certified by the U.S. FDA as a Class II medical device.

With this round of financing, BrainCheck will expand its research and development efforts, particularly in the field of dementia. By combining clinical insights with advanced algorithms, BrainCheck leverages its BrainCheck Care technology to provide physicians and caregivers with detailed care plans, delivering personalized care for patients with dementia. Additionally, the company stated that the funding will also be used to recruit marketing talent to accelerate the deployment of its solutions in clinical practice.

There are currently 5.7 million people in the United States living with dementia, and the healthcare costs associated with dementia are 50% higher than those for cancer or heart disease. However, the progression of dementia can be mitigated through effective detection and care, which is precisely what Braincheck provides.

Dr. Yael Katz, CEO of BrainCheck, stated that BrainCheck’s comprehensive database of cognitive brain health, when integrated with biometric data, enables the personalization of dementia care at scale.

Armando Pauker, co-founder of Tensility Venture Partners, stated, “BrainCheck possesses a hard-to-replicate database and is targeting a vast market. Its application of AI to clinical care presents an excellent opportunity.”

“The findings are clear: dementia can be delayed,” said Charlie Plauche, Partner at S3. “By helping physicians detect dementia earlier, BrainCheck’s platform technology will improve the lives of millions in the coming years.”

BrainCheck was founded in 2015 and has completed four seed funding rounds to date. The first seed round took place on March 9, 2015, with the amount undisclosed. Subsequently, it raised $3 million in October 2016 and an additional $1.5 million in May 2017. Its current valuation stands at $6 million.

True Wealth Ventures, established in 2015, is a venture capital fund founded by Sara Brand and Kerry Rupp that focuses on investing in women-led companies in the consumer health sector. Although women-founded companies deliver higher market returns, they remain underrepresented in venture capital. True Wealth Ventures is one of the few U.S. venture capital firms led by female investors.

Tensility Venture Partners, founded in 2016 and headquartered in Chicago, primarily invests in startups in the AI sector. The firm focuses on four key areas for the optimal application of intelligent software: enterprise operations, healthcare, sales and marketing, and cybersecurity.

XFactor Ventures, established in 2017, lives up to its name “X Factor” as a venture capital firm passionate about investing in companies with female founders. The firm has eight female founders, has raised $150 million in capital, boasts over 700 investors globally, and primarily focuses on seed-stage investments.

S3 Ventures, established in 2005, is a venture capital firm based in Texas, USA. It primarily invests in information technology and medical device companies, manages $450 million in assets, and maintains a particular focus on enterprises in Texas and the southwestern United States.