BrainCheck, a digital health company specializing in cognitive assessments, announced it secured $15 million in funding.
The investment was led by seed-stage investor Next Coast Ventures, venture capital firm S3 Ventures and UPMC Enterprises.
Additionally, the company announced an expansion of its board of directors, with Nicholas Shapiro, vice president of UPMC Enterprises, joining the boardroom.
WHAT IT DOES
BrainCheck is a cognitive assessment provider enabling physicians and their patients with a quick, repeatable process to identify cognitive impairment. It accomplishes this through a three-minute test which can be performed remotely or with a provider.
The company will use the $15 million funding round to accelerate its commercial traction, expand innovation within its product portfolio and extend their impact on the healthcare landscape at large.
“Our decision to invest in BrainCheck is fueled by a deep understanding of the pressing burden of cognitive impairment on health care and the exciting solutions on the horizon to advance the industry. I am honored to join BrainCheck’s board of directors and look forward to working collaboratively with the team to drive strategic initiatives and shape the future growth trajectory of the company. BrainCheck’s solutions offer rapid, reliable resources to support accurate assessments, stratify individual risk and deliver actionable insights that can help all stakeholders–patients,caregivers, providers, and risk-bearers,” Nicholas Shapiro, vice president of UPMC Enterprises, said in a statement.
THE LARGER TREND
BrainCheck’s announcement follows the release of its next-generation platform and three-minute screening solution, which enables providers to screen cognitive function efficiently.
This funding round follows a $10 million funding round in 2021 amid a growing field of cognitive health companies.
Competitors in the cognitive health space include speech platform Aural Analytics, Alzheimer’s disease therapy company Cognito Therapeutics and neurocognitive test platform Altoida.
Altoida received $14 million dollars of Series A funding in 2022.
According to NIH, dementia and other cognitive diseases are projected to impact 14 million people in the United States and 152 million people globally in the coming decades. This underscores the importance of early detection measures for these diseases.
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