REDWOOD CITY – Neurotrack, a digital health company on a mission to transform the measurement and management of cognition and memory loss, announced a $21 million Series C funding round led by existing investor Khosla Ventures, with new strategic investments from Dai-ichi Life and SOMPO Holdings, and participation from existing investors Sozo Ventures, Rethink Impact, and AME Cloud Partners.
The new round brings the company’s total funding to date to more than $50 million, which includes over $3.5 million in grants from the National Institutes of Health and a fast-track grant worth up to $3.3 million from the National Institute on Aging.
The new investment will be used to advance the company’s mission to change how people manage their cognitive health, drive adoption of its Memory Health Program, and continue development and partnerships in global markets.
Neurotrack’s Memory Health Program is a game-changer in the fight against Alzheimer’s. With an estimated 50 million people around the world living with Alzheimer’s today and more than 130 million expected by 2050, Neurotrack has identified a way to bring cognitive health tools to millions around the globe.
“As the global crisis around Alzheimer’s continues to grow, the private sector is joining government and nonprofits to address the problem in their markets. In Japan, for example, traditional insurance companies are developing novel solutions that incorporate Neurotrack’s products to advance better memory health among its population,” said Elli Kaplan, Neurotrack Co-founder and CEO. “These partnerships are innovative models that we hope to replicate in other markets, enabling traditional insurance companies to create new markets while helping to address the Alzheimer’s crisis. And now they’re also investing in our company, so these companies have two ways of doing well by doing good.”
Last year, Neurotrack joined forces with Dai-ichi Life, the second largest life insurance company in Japan, to make its novel products available to customers as part of its new dementia insurance product. And in the first part of 2019, SOMPO conducted a 16-week pilot with Neurotrack, where more than 550 of SOMPO’s employees took Neurotrack’s test and followed the Memory Health Program for four months. Neurotrack and SOMPO are now working to deepen and extend their partnership.
Through each Neurotrack partnership, Dai-ichi and SOMPO expect to give millions of people in Japan access to tools to both assess and manage their cognitive health.
“One can now feel empowered to test for potential memory decline given that Neurotrack’s Memory Health Program, can help stave off cognitive decline. This fully integrated platform enables users to assess the state of their memory, reduce future risk for decline, and monitor progress in order to take better control of one’s memory health. We combine these tools with deep analytics to further target and personalize, creating a very powerful precision medicine solution,” said Kaplan. “Just as when you go on a diet, you use a scale to provide evidence that you’re losing weight. Neurotrack now has the equivalent of both a scale to measure and the Memory Health Program for cognitive health. This is a game-changer for dementia risk.”