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May 27, 2021updated 29 Oct 2021 9:15am

Akili raises $160m to market cognitive disorder treatment for children

Akili Interactive raises $160m to commercialise its EndeavorRx video game treatment.

Akili Interactive has raised $160m in combined equity and debt financing to support the commercialisation of its video game treatment, EndeavorRx, which enhances attention function in children with attention deficit hyperactivity disorder (ADHD).

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The US-based company secured $110m in Series D equity funding round, while up to $50m was provided by Silicon Valley Bank in debt financing.

The Series D equity financing round was led by Neuberger Berman Funds, with the latest investors including Polaris Partners, Mirae Assets and Shionogi, among other participants.

Present investors of Akili, which include Temasek, Baillie Gifford, JAZZ Venture Partners and Evidity Health Capital, also took part in the funding round.

The funds will be used for at-scale marketing of EndeavorRx as well as enhancing the company’s footprint in ADHD and more globally.

EndeavorRx was approved by the US Food and Drug Administration in June last year as a treatment that can be offered through a video game experience to enhance attention function in children with ADHD.

The proceeds will also aid the company in developing its technology platform for several other indications as well as boosting its pipeline of prescription digital therapeutics for various chronic and acute cognitive diseases.

Akili Interactive chief financial officer Santosh Shanbhag said: “This is the latest milestone in what has been a revolutionary journey for Akili.

“It will enable us to bring EndeavorRx to as many appropriate patients as possible, advance our core technology, expand our global footprint and fund research across a wide range of cognitive impairments.”

The latest funding round takes Akili’s total equity funding to $230m.

In May 2018, Akili Interactive raised $55m in a Series C funding round led by investment firm Temasek to develop digital treatments for cognitive disorders, which would be delivered through video game experiences instead of a pill.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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