SpectrumAi Secures up to $20M Series A Investment
SpectrumAi, a company developing innovative solutions to improve autism care, today announced that it closed up to $20 million in Series A funding led by CVS Health Ventures with participation from Cobalt Ventures, and follow-on investments from Seed investors F-Prime, Frist Cressey and Autism Impact Fund. Financing will accelerate adoption of SpectrumAi's applied behavior analysis (ABA) electronic health record, Twyll, and Patterns, its network analytics platform, that are designed to improve data capture and objective measurement of ABA therapy for autism.
Autism is the fastest growing developmental disability in the United States1 driving unprecedented growth in the ABA industry. ABA is intensive and long-term therapy, averaging up to 25-40 hours each week. Measurement of ABA therapy's efficacy to date has been limited to subjective parent and provider surveys.
"ABA providers and their employees crave better data capture, documentation and objective measurement of ABA therapy. SpectrumAi provides front-line technicians and clinicians with powerful tools to help each child reach their optimal outcome," said Ling Shao, Founder & CEO of SpectrumAi. "As we lay the foundation for a transition from fee-for-service to value-based contracting in ABA, we're honored that CVS Health Ventures, Cobalt Ventures and others have joined our mission to advance quality industry-wide."
CVS Health Ventures and Cobalt Ventures join Seed investors F-Prime, Frist Cressey and Autism Impact Fund, as SpectrumAi looks to accelerate the adoption of its ABA electronic health record, Twyll, and its network analytics platform, Patterns. Both products were built from scratch and live in-market less than 8 months from the company's launch.
"Data collection and documentation is fundamental to creating value-based contracting for the ABA industry, and can help ensure that patients get the correct level of support they need," said Vijay Patel, Managing Partner at CVS Health Ventures. "Our investment can help support SpectrumAi's use of disruptive technology and value-based care to address ABA's significant data void."
David Eichler, Managing Partner of Cobalt Ventures, said, "We believe SpectrumAi's framework of building data-backed quality initiatives through payor and provider collaboration is a winning formula to deliver change in healthcare."
"SpectrumAi has built a compelling product to enable higher quality care through better workflows and data science. We are excited to expand our investment in this large and growing area of need," said Carl Byers, Partner, F-Prime Capital and SpectrumAi Board Director.
"The SpectrumAi team has created rapid momentum with both enterprise ABA providers as well as large and regional health insurance companies as the industry strives to move to measurement and value-based care," shared Frist Cressey Ventures Partner and SpectrumAi Board Director, Navid Farzad. "SpectrumAi's life-changing platform will help payors, providers, and most importantly, the patients and their families receive better care."
SpectrumAi's focus is to become the source of quality data capture and actionable insights for ABA providers to help their clients progress toward their optimal outcome, to increase supervisor efficiency and capacity, and to easily enable providers to enter into value-based contracts with payors.
SpectrumAi develops innovative solutions to improve life-changing therapies. Our initial focus is to modernize Applied Behavior Analysis (ABA) for children with autism by capturing and measuring objective treatment and outcomes data to understand quality drivers.
For more information, please visit www.spectrumai.com.
1 Autism facts. Easterseals Community and Disability Services. (n.d.). Retrieved March 2, 2023, from https://www.easterseals.com/gc/explore-resources/living-with-autism/autism-facts.html
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