SpectrumAia startup focused on treating autism announced it has raised up to $20 million in a Series A funding round led by CVS Health Ventures with participation from Cobalt Ventures.
Previous investors Frist Cressey, F-Prime and Autism Impact Fund also participated in the capital increase.
WHAT THEY DO
thThe Los Angeles-based company provides tools to analyze quality and outcome data from Applied Behavior Analysis (ABA), a therapy designed to improve communication, social and learning skills for people with conditions such as autism.
SpectrumAi’s Twyll is an electronic health record for collecting and reporting ABA data, and Patterns is a network analytics platform.
Funds will be used to accelerate the launch of Twyll and Patterns offerings.
“SpectrumAi provides frontline technicians and clinicians with powerful tools to help each child achieve their optimal outcome,” said Ling Shao, Founder and CEO of SpectrumAi, in a statement. “As we lay the groundwork for ABA’s transition from fee-based to value-based contracts, we are honored that CVS Health Ventures, Cobalt Ventures and others have joined in our mission to advance quality across the industry.”
MARKET SNAPSHOT
About one in four children have been identified as having the autism spectrum, per CDCwith one in six children aged 3 to 17 being diagnosed with a developmental disability between 2009 and 2017.
In June, SpectrumAi increased $9 million in seed funding round.
Another company focused on ABA therapy is Sprout, a technology-enhanced autism care and treatment program that offers in-home assessments and applied behavioral analysis therapy.
Aimee Cardwell will provide more details in her HIMSS23 session, “The Defender’s Advantage: Winning by Using the High Ground.” It is scheduled for Tuesday, April 18 at 3-4pm CT in the South Building, Level 4, in Room S406 B.
