Openspace Ventures led a $10 million Series A investment for Neuroglee Therapeutics, a Singapore-based digital health and wellness platform.
EDBI and previous investors, including Raman Singh, ex-CEO of Mundipharma, and Biofourmis co-founders Kuldeep Singh Rajput and Wendou Niu, participated in the round. Eisai Co., a leading pharmaceutical firm that has been a strategic shareholder in the company since its pre-seed round of US$2.3 million, has also joined.
The money will be used by Neuroglee to start virtual neurology clinics for patients with mild cognitive impairment (MCI) caused by difficult-to-treat diseases like Alzheimer’s disease.
The financing will also help the business advance its digital therapeutics (DTx) pipeline, which is based on tailored evidence.
Neuroglee Connect, a remote care management platform and virtual specialty care clinic, will be developed in collaboration with Mayo Clinic’s HABIT program. In the comfort of their own homes, this clinic will provide customised, near real-time, and 24/7 responsiveness and interventions in managing patients with MCI.
“With care expanding outside of the hospital and into the home, Neuroglee is assuring the management of neurodegenerative diseases is a simple, empowering, everyday event for patients,” Neuroglee CEO stated. “Actionable data and virtual clinical support will give more patients access to world-class care, no matter where they are.”
Neuroglee, founded in 2020 by Aniket Singh Rajput, develops and commercializes customised evidence-based digital therapeutics (DTx) and virtual care-at-home solutions for the treatment and management of patients with neurodegenerative disorders. This strategy can be used to supplement existing symptomatic treatments and experimental medicines with non-pharmacologic therapy.
Neuroglee’s flagship software product NG-001 can capture digital biomarkers and learn from user behaviour to provide a more personalised experience tailored to patients’ needs, using cognitive rehabilitation strategies and machine learning approaches.
“Neuroglee’s solution has tremendous potential to meaningfully benefit global patients as they and their families bravely combat the progression of the neurodegenerative disease,” said Openspace co-founder Shane Chesson.
The business wants to relocate its headquarters from Singapore to Boston in Q4 2021, according to a news release. Neuroglee will focus on growing and scaling technical, clinical operations, and commercial teams, taking advantage of Boston’s digital health innovation and investment cluster.
“This will expand our global footprint, adding to our growing regional management and technology development teams in Singapore and India,” added Rajput.