Limbix Raises $9M Series A To Develop Digital Therapeutics for Adolescent Mental Health
The new funding enables further research and development of the company's flagship product, Limbix Spark, the first prescription digital therapeutic designed to treat adolescents with depression.
PALO ALTO, Calif., May 5, 2020 /PRNewswire-PRWeb/ -- Limbix, the leader in digital therapeutics for the treatment of adolescent mental health disorders, is excited to announce it has successfully raised a $9M Series A led by GSR Ventures, an early-stage investment firm based in Palo Alto. Also joining the financing round are other existing Limbix investors, including Sequoia Capital, Storm Ventures, NextGen Venture Partners, and BIXINK Therapeutics.
The new funding enables further research and development of the company's flagship product, Limbix Spark, the first prescription digital therapeutic designed to treat adolescents with depression. Limbix Spark is a multi-week cognitive behavioral therapy based program focused on the completion of value-based activities that spark feelings of pleasure or mastery. With increased screening for depression in primary care, treating adolescent depression often falls to pediatricians who have limited effective treatments to offer patients. Once FDA cleared, Limbix Spark will be available as a new treatment option for pediatricians to prescribe to their patients.
"GSR Ventures has tremendous expertise in medicine and digital health, making them an ideal partner for our company," said Ben Lewis, CEO and co-founder of Limbix. "In the coming years we'll be running more trials on Limbix Spark, forming commercialization partnerships, and working towards FDA clearance on Limbix Spark as a Class II medical device. Having GSR Ventures' guidance along this path is incredibly helpful for our business."
"We are thrilled to partner with such a passionate team working to improve mental health treatment for those who need it most. The Limbix team focuses on rigorous clinical data, and their combination of strong medical, research, and technology backgrounds make them uniquely positioned to succeed," said Justin Norden, Partner at GSR Ventures.
About Limbix:
Limbix is a prescription digital therapeutic company passionate about creating mental health treatments for young people. The Limbix team is uniquely suited to develop prescription digital therapeutics, as its diverse team of clinicians, product designers, researchers, and engineers understand the value of pairing clinical expertise with technological innovation. Limbix is headquartered in Palo Alto, California. For more information visit limbix.com.
About GSR Ventures:
Founded in 2005, GSR Ventures is one of the world's most successful early-stage venture firms, with over $3 billion under management. The firm focuses on early-stage companies developing AI-enabled healthcare technology, enterprise software, and consumer platforms. GSR Ventures' team is composed of founders, engineers and physicians with deep technical knowledge and a proven track record. Notable investments include Kinsa, Deep 6 AI, DataVisor, Plus AI, and Qunar.
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SOURCE Limbix
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