Temasek, corporate VCs buy into prescription digital med hopes in Akili's $55M Series C
Just how hot is “prescription digital medicine” these days? Ask the investors backing Akili Interactive, who collectively sank $55 million in a Series C announced this morning.
Boston-based Akili, a PureTech affiliate, is developing a late-stage video game for pediatric attention deficit/hyperactivity disorder (ADHD) alongside other software programs in autism, depression and multiple sclerosis. Temasek led the latest round, with participation from corporate VCs like Amgen Ventures and M Ventures (of Merck KGaA) as well as Jazz Venture Partners, Baillie Gifford and Canepa Advanced Healthcare Fund — a group that co-founder and CEO Eddie Martucci describes as bringing “successful long-term track records in innovative technology, medical device and pharmaceutical investment.”
Following publication of pivotal data late last year, the company plans to seek FDA approval for the ADHD treatment (dubbed AKL-T01) in the coming months, under the medical device pathway. AKL-T01 hit the primary endpoint of improving attention and inhibitory control in children with ADHD, though it fell short of beating control over several behavioral secondary endpoints.
If approved, part of the proceeds will go toward commercial launch, in addition to general spending on the pipeline.
The Series C builds upon a foundation laid by PureTech, which now owns slightly over 40% of Akili. Weeks ago, the London-listed biopharma group snagged $100 million that it plans to channel to its multiple affiliates, including Akili, though it passed on the round.