Limbix, maker of a prescription digital therapeutic aimed at treating depression in teens, scooped up $15 million in Series A2 funding.
The round was led by GSR Ventures, with participation from Digital Garage, Storm Ventures, Bixink, DN Capital, Korean Investment Partners, E& Investment, Gaingels, MVP, Operator Partners, Mana Ventures and Pacific Health Ventures.
Limbix announced its $9 million Series A in May 2020. The company said its A2 brings its total raise to $31 million.
WHAT IT DOES
Limbix is the creator of SparkRx, a prescription digital therapeutic that uses the principles of cognitive behavioral therapy to address depression in teens and young adults ages 13 to 22. It was released in October as part of the FDA’s relaxed regulatory requirements for digital health devices treating psychiatric disorders during the pandemic.
“We are incredibly grateful to our investors for their support as we work to build evidence-based prescription digital therapeutics to address the mental health crisis head-on, improving access to treatment for adolescents and ensuring care is delivered when it is needed most,” CEO Ben Lewis said in a statement.
“The mental health crisis for children and young adults has reached an emergency level, exacerbated by the challenges and disruption caused by the COVID-19 pandemic. As the need for mental health treatment continues to grow, we aim to provide physicians with safe, effective technology-based resources that can immediately address their patient’s mental health needs across an array of adolescent conditions.”
WHAT IT’S FOR
The company plans to use the capital to commercialize SparkRx, and to expand its staff to about 60 workers by the middle of next year.
The larger staff will allow Limbix to speed development and testing of new digital therapeutics for other mental health disorders common among teens.
Mental and behavioral healthcare is a hot topic in digital health. According to Rock Health’s Q3 analysis, mental health continued to be the leading clinical area for investors, bringing in $3.1 billion so far this year.
Other players in pediatric and adolescent behavioral health include BeMe Health, which recently raised $7 million in seed funding; Brightline, which is planning a program for children with autism spectrum disorder; and DotCom Therapy and Goodside Health, which recently partnered to increase access to mental healthcare in schools.