Digital Cognitive Assessment Platform Secures $15 Million Investment

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BrainCheck, Inc—a digital health company specializing in innovative technology for the digital cognitive assessment market—has received $15 million in a new financing round to scale the latest version of its recently launched digital cognitive impairment assessment and care planning platform.

The funding, led by Next Coast Ventures, S3 Ventures, and UPMC Enterprises, aims to accelerate BrainCheck's commercial growth, expand its product portfolio, strengthen its clinical evidence base, and enhance its impact within the health care sector.¹ The company previously received an $8 million raise in funding in 2019 and $10 million in Series B funding in 2021.^2,3

“We are laser focused on commercializing and scaling a digital cognitive assessment platform that is clinically robust, easy for patients and their caregivers to use, enables a simplified provider experience and improves access to the actionable information needed to intervene sooner and potentially combat cognitive decline,” said Kim Rodriguez, CEO of BrainCheck, in a press release.

“We thank our current and new investors for their continued support and look forward to deploying this capital to play an important role in revolutionizing cognitive care.”

The investment comes after the recent launch of BrainCheck's next-generation platform and 3-minute screening solution, which enables clinicians to assess and monitor patients' cognitive function remotely and efficiently.¹ The screening tool includes multiple tests assessing memory, attention, executive function, reaction times, and motor function.²

Following the evaluation, patients receive a composite score offering an overview of their cognitive health, along with targeted feedback highlighting areas where they may encounter challenges in their daily activities.²

According to the company's data analysis, the BrainCheck Screen tool exhibited a 92% sensitivity and 74% specificity in accurately identifying patients with cognitive impairment, as confirmed by a dataset involving 99 individuals from a prior study.²

“We believe in BrainCheck’s vision to pioneer a fundamental shift in how cognitive care is delivered,” said Michael Smerklo, co-founder and managing partner of Next Coast Ventures, in a press release. “Dementia is projected to impact 14 million people in the United States and 152 million globally in the coming decades, underscoring the importance of proactive measures to address prevention, early detection, and effective management strategies.”

BrainCheck also announced that Nicholas Shapiro, vice president of UPMC Enterprises, has joined the company's board of directors to contribute to the company’s strategic leadership. “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,” Shapiro said in a press release.

“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.”

Stay up-to-date on news related to research on promising new interventions and developments in the treatment of a wide variety of psychiatric disorders at psychiatrictimes.com.

Note: This article was prepared with the assistance of ChatGPT.

References

1. BrainCheck secures $15 million to fuel expansion and adoption of its next generation digital cognitive assessment and care planning platform. BrainCheck. News release. March 6, 2024. Accessed March 7, 2024. https://braincheck.com/articles/braincheck-secures-15-million-to-fuel-expansion-and-adoption-of-its-next-generation-digital-cognitive-assessment-and-care-planning-platform/

2. Roger O. BrainCheck reels in $15M to advance digital cognitive decline tests. FirstWord HealthTech. March 6, 2024. Accessed March 7, 2024. https://www.firstwordhealthtech.com/story/5834083?from=article

3. Dermody T. BrainCheck locks $15 million investment for cognitive assessment platform. MobiHealthNews. March 6, 2024. Accessed March 7, 2024. https://www.mobihealthnews.com/news/braincheck-locks-15-million-investment-cognitive-assessment-platform