EPFL spinout MindMaze has raised $105m from investors including AlbaCore Capital, which had supplied $125m in capital only four months ago.
MindMaze, a Switzerland-based digital neurotherapeutics platform spun out of EPFL, received $105m in a funding round on Thursday led by private equity firm Concord Health Partners.
The round also featured AlbaCore Capital, Hambro Perks and several unnamed family offices. Although an updated valuation was not disclosed, MindMaze is worth at least $1.5bn.
Founded in 2012, MindMaze has built a digital health platform using technologies such as artificial intelligence, mixed reality and biosensing to address neurological conditions such as stroke, and Alzheimer’s and Parkinson’s diseases. It has already cleared FDA and CE marks across multiple products.
The capital will drive international growth, accelerate research and development activities and allow MindMaze to consolidate its clinical development pipeline. In conjunction with the funding round, MindMaze has entered into a partnership with American Hospital Association.
Tej Tadi, founder and chief executive of MindMaze, said: “This funding allows us to ramp up commercial activity and expand our footprint in the US, as well as gain access to strategic partners as we continue to deploy solutions across the continuum of care globally.
“MindMaze has been at the frontier of brain tech since its inception, and we have been an essential part of the incredible advancements over the last decade across brain sensing, motion capture, mixed reality platforms, new architectures for brain-inspired computing, machine learning and artificial intelligence.
“We are pleased that important strategic growth investors, such as Concord Health Partners and the larger investment community, see the broad-reaching potential of our digital neurotherapeutics platform as we continue to accelerate humanity’s ability to recover, learn, and adapt.”
The latest round comes only four months after AlbaCore Capital injected $125m. That transaction followed a quiet period in terms of fundraising for MindMaze, which had not disclosed new equity financing since actor and activist Leonardo DiCaprio provided an undisclosed amount in September 2017.
Conglomerate Hinduja had earlier led a $100m funding round in 2016, when undisclosed family offices also provided cash.
MindMaze has made a range of acquisitions over the years, including the purchase of game-based digital health company Genious Healthcare in spring 2019 to enable it to expand into Canada. It had already, in November 2018, bought Johns Hopkins University spinout Neuro Motor Innovations, which had been working on a brain repair platform for patients living with neurological conditions and for elderly people.
– Image courtesy of MindMaze
