- SpectrumAi announced it raised $20 million in funding. These are the details.
SpectrumAi – a company developing innovative solutions to improve autism care – 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. The financing will accelerate the adoption of SpectrumAi’s applied behavior analysis (ABA) electronic health record, Twyll, and Patterns, its network analytics platform, which are designed to improve data capture and objective measurement of ABA therapy for autism.
Autism is known as the fastest-growing developmental disability in the United States1 driving unprecedented growth in the ABA industry. And 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.
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. And both products were built from scratch and live in-market less than 18 months after the company’s launch.
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, increase supervisor efficiency and capacity, and enable providers to enter into value-based contracts with payors.
KEY QUOTES:
“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. 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.”
— Ling Shao, Founder & CEO of SpectrumAi
“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. Our investment can help support SpectrumAi’s use of disruptive technology and value-based care to address ABA’s significant data void.”
— Vijay Patel, Managing Partner at CVS Health Ventures
“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.”
— David Eichler, Managing Partner of Cobalt Ventures
“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.”
— 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. SpectrumAi’s life-changing platform will help payors, providers, and most importantly, the patients and their families receive better care.”
— Frist Cressey Ventures Partner and SpectrumAi Board Director Navid Farzad
