Startup Neuroglee raises $10m for virtual neurology clinics
A digital health company focusing on neurodegenerative disorders – Neuroglee Therapeutics – has raised $10 million in first-round funding to roll out a virtual neurology clinics for people with cognitive problems caused by dementia.
The Singapore startup, which is partnering with the Mayo Clinic on the clinics, said the cash injection will also go towards the development of its pipeline of digital therapeutics (DTx) for Alzheimer’s disease and other neurodegenerative conditions.
It will also fund a move later this year to Boston, which is emerging as a hub for digital health companies, according to founder and chief executive Aniket Singh Rajput. Neuroglee raised $2.3 million in early funding last December.
Neuroglee and the Mayo Clinic will co-develop the Neuroglee Connect programme, which will provide remote care and virtual clinics for patients with mild cognitive impairment.
Rajput says the company’s approach relies on the use of artificial intelligence and digital biomarkers tied to cognitive function, mood, and behaviour to deliver therapeutic interventions as well as personalised cognitive behavioural therapy (CBT) to each patient with the aim of slowing down cognitive decline.
Thanks to the remote clinic alliance with Mayo, this will now be backed by a care team specialised in neurodegenerative diseases.
Neuroglee’s DTX approach centres around smartphone or tablet apps with game-like properties that attempt to reinforce cognitive functioning as well as reduce other symptoms such as depression and anxiety.
One element is the use of reminiscence or life review therapy, which involves the use of images from the individual’s past to help alleviate memory loss and has been shown to boost mood. The platform also allows data to be harvested and monitored by carers, who can participate by uploading images.
The round was led by Openspace Ventures, with participation from EDBI as well as existing investors including Raman Singh, ex-CEO of Mundipharma, Biofourmis co-founders Kuldeep Singh Rajput (Aniket’s brother) and Wendou Niu, and pharmaceutical company Eisai.
Openspace co-founder Shane Chesson said that Neuroglee’s approach “has tremendous potential to meaningfully benefit global patients as they and their families bravely combat the progression of neurodegenerative disease”.
The group has previously invested in Biofourmis, which recently won FDA breakthrough status for its BiovitalsHF DTx for heart failure patients.
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