Elemy, an autism-focused digital health company out of San Francisco, scored a whopping $219 million in Series B funding last week, bringing its total raise to $1.15 billion.
SoftBank Vision Fund 2 led the round, with participation from Goodwater Capital Premji Invest, Amity Ventures, Avidity Partners, Metrodora Ventures, Sound Ventures and Whale Rock Capital, as well as existing investors.
The young startup launched under the name Sprout just over a year ago with $10 million in seed funding. Since then, the company has changed its name to Elemy and raised $40 million in Series A funding.
WHAT THEY DO
Elemy, which was incubated through Cold Start, developed a platform that helps parents navigate the autism diagnosis process and get in-home behavioral therapy for their child. Clients can request in-home assessments and applied behavior analysis (ABA) therapy and get matched with a clinician in the area.
Children receive care from Board Certified Behavior Analysts (BCBAs) and Registered Behavior Technicians (RBTs). BCBAs provide the initial assessment and develop a personalized health plan for a child.
The company employs technology to help clinicians track milestones and progress in one place.
WHAT IT’S FOR
The company plans to use the new infusion of cash to hire more staff and grow its geographical footprint to reach a national market. The funds will also go toward more R&D for new product offerings.
“Today is an incredible moment for Elemy as our Series B underscores the velocity of our growth,” Elemy CEO Yury Yakubchyk said in a statement. “When we began this journey, we understood that the current model of pediatric behavioral care was broken, as families are waiting months and sometimes years to get the care they need. Since day one, our mission has been to use technology, along with a team of talented and dedicated medical professionals, to completely transform access to quality care. We’ve partnered with the most renowned tech investors in the world to bring our care to even more homes, nationally, and plan to expand into new areas of treatment for underserved conditions.”
The CDC reports that roughly 1 in 54 children have been identified with autism spectrum disorder and about 17% of children have been diagnosed with a developmental disability, which includes autism as well as ADHD and others.
Today there are several digital health companies looking to address autism and pediatric behavioral health. In June, pediatric behavioral health company Cognoa landed an FDA De Novo for its autism spectrum disorder (ASD) software diagnostic aid Canvas Dx.
Investment dollars have also been flowing into the space. In 2020, Springtide, a multimodal clinic for children with developmental development delays, scored $18.1 million in Series A funding.
Additionally, pediatric biofeedback video game maker Mightier landed $2 million from the NIH to study emotion regulation in children with ADHD.