Sector News

MindMaze finds its way to $125M for neuro-rehabilitation video game platform

October 17, 2021
Life sciences

Repairing neurological damage caused by stroke, Parkinson’s disease and other brain conditions isn’t all fun and games, but digital therapeutics developers like MindMaze are aiming to bring a bit of levity to what can otherwise be a difficult and stressful process.

MindMaze’s platform comprises a series of video games that, when combined with a motion-tracking camera and customized to a patient’s individual condition and needs, can support both rehabilitation and restoration of brain function.

Several of the programs have already been cleared for use in the U.S. and Europe, and a new line of funding will now help make them even more widely available. The financing came courtesy of London-based AlbaCore Capital Group and totaled $125 million.

That builds on MindMaze’s previous megaround, which raked in $100 million in early 2016 and was led by the U.K.’s Hinduja Group. With the addition of the new funding, MindMaze has now achieved the elusive unicorn status, with an estimated valuation of $1.5 billion, per Bloomberg.

AlbaCore’s contributions will allow MindMaze to continue commercializing its existing offerings, develop new ones and send them through clinical trials and regulatory review.

That development work will likely involve some branching out. As CEO Tej Tadi, Ph.D., said in a statement, “One avenue to pursue will be to partner with pharmaceutical companies to promote brain repair by combining our digital therapeutic neurorestorative approach with emerging drug discovery.”

MindMaze’s digital therapeutics for neuro-restoration span a trio of games addressing Alzheimer’s disease, aging, post-stroke upper extremity impairment and Parkinson’s. In MindPod Dolphin, for example, users wear an anti-gravity vest to make an arm affected by stroke feel weightless, allowing them to focus on honing their fine motor skills while exploring a virtual underwater environment.

In the neuro-rehabilitation category, MindMaze’s flagship product is MindMotion, which has been cleared by the FDA for both in-clinic and at-home use. The program includes 17 games that are all designed to improve mobility and motor skills in patients with neurological conditions, helped along with feedback gathered by optical sensors and an embedded telemedicine service.

With the credibility of multiple $100 million-plus funding rounds and a handful of FDA clearances and CE marks under its belt—not to mention the financial and advisory support of big names like Leonardo DiCaprio—MindMaze is also beginning to plot out plans to go public. As for what that debut will look like, Tadi told Bloomberg the company is still deciding whether to follow the traditional IPO route or jump on the increasingly popular special purpose acquisition company train.

The digital therapeutics category has become a magnet for SPAC deals as of late. Pear Therapeutics, the de facto leader of the group, laid out plans in June to go public in a reverse merger worth a whopping $1.6 billion—just a few months after it scooped up another $80 million in its series D funding.

Pear’s announcement came shortly after Better Therapeutics, maker of prescription-only, smartphone-based diabetes treatments, sealed the deal with a blank-check company of its own. In that April deal, Better linked up with Mountain Crest Acquisition Corp. II to go public in a SPAC deal that would ultimately value the company at $187 million.

by Andrea Park


comments closed

Related News

January 29, 2023

Colorcon, Inc. signs Put agreement with intent to acquire controlled atmosphere packaging specialist Airnov Healthcare Packaging

Life sciences

Airnov provides critical healthcare industries with high-quality, controlled atmosphere packaging, to protect their products from moisture and oxygen. The business has manufacturing facilities in the USA, France, China and India and employs around 700 people.

January 29, 2023

Takeda pledges up to $1.13B for rights to Hutchmed’s cancer drug fruquintinib outside of China

Life sciences

Takeda of Japan has partnered with Hong Kong-based Hutchmed, gaining the commercial rights to colorectal cancer drug fruquintinib outside of China for $400 million up front, plus $730 million in potential milestone payments. Takeda also will help develop fruquintinib, which can be applied to subtypes of refractory metastatic colorectal cancer, regardless of biomarker status, the companies said.

January 29, 2023

Vir taps Bayer dealmaker Marianne De Backer as its next CEO

Life sciences

On April 3, Scangos, who’s been chief executive officer at Vir since the start of 2017, will hand over the reins to Marianne De Backer, Ph.D. De Backer comes over from Bayer, where she currently heads up pharmaceutical strategy, business development and licensing. Alongside her CEO appointment, De Backer is set to join Vir’s board of directors, the company said Wednesday.

How can we help you?

We're easy to reach