Less than six months after it raised $125 million for its neuro-rehabilitation video game platform, MindMaze has scored another round of venture capital. While the latest financing is a 16% drop, the Swiss company still managed to navigate another nine-figure round.
The $105 million will help the company continue ramping up its growth plans as well as expand its U.S. footprint and pursue acquisitions. Despite it being a smaller round of financing, the back-to-back fundraisings represent two large sums for the digital therapeutics company, which last raised $100 million in 2016—though, in 2017, it picked up an unspecified investment from actor Leonardo DiCaprio.
The latest financing was led by Concord Health Partners, which was joined by AlbaCore Capital Group, Hambro Perks and other family investment offices.
MindMaze also launched a new partnership with the American Hospital Association, which counts nearly 90% of U.S. health systems, hospitals and care organizations among its members. The AHA plans to promote the wider use of digital therapeutics for neurological conditions, including MindMaze’s programs being developed for stroke, Alzheimer’s disease and Parkinson's disease, the organization said in a statement.
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The company’s tech employs brain sensing, motion capture and artificial intelligence plus virtual and augmented reality platforms to help deliver a series of customizable video games that aim to ease the brain through the process of recovering from neurological damage and regaining function in cognition, balance and movement.
The FDA cleared its flagship product, MindMotion, initially for 2017 for use in the clinic and in 2018 for at-home use. It includes 17 games linked to optical sensors and a telemedicine service.
The proceeds from MindMaze’s previous $125 million round last October were slated to fuel the clinical development and regulatory reviews of additional programs. The money would also help fund partnerships with pharmaceutical companies looking to pair digital therapeutics with new neurologic drugs, CEO Tej Tadi said at the time.
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Shortly after that financing, the company announced it had been granted CPT Category III reimbursement codes by the American Medical Association, allowing therapists to bill for remote care using MindMaze’s services. The codes go into effect this July.
MindMaze has more than 10 clinical trials underway focused on eight indications including for stroke, multiple sclerosis, Parkinson’s and moderate cognitive impairment associated with aging.