The funds will be used to accelerate the adoption of the platform’s applied behavior analysis-focused tools.
SpectrumAi, a startup focused on autism care, announced it raised up to $20 million in a Series A funding round led by CVS Health Ventures with participation from Cobalt Ventures.
Previous investors Frist Cressey, F-Prime and Autism Impact Fund also participated in the raise.
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WHAT IT DOES
The Los Angeles-based company offers tools to help analyze quality and outcomes data on applied behavior analysis (ABA), a therapy aimed to improve communication, social and learning skills for those with conditions like autism.
SpectrumAi’s Twyll is an electronic health record for ABA data collection and documentation, and Patterns is a network analytics platform. The funds will be used to speed up the adoption of its Twyll and Patterns offerings.
“SpectrumAi provides front-line technicians and clinicians with powerful tools to help each child reach their optimal outcome,” Ling Shao, founder and CEO of SpectrumAi, said in a statement. “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.”
MARKET SNAPSHOT
About one in four children has been identified as being on the autism spectrum, per the CDC, with one in six children ages 3 to 17 being diagnosed with a developmental disability from 2009 to 2017.
In June, SpectrumAi raised $9 million in a seed funding round.
Another company focusing on ABA therapy is Sprout, a tech-enabled autism care and treatment program offering in-home assessments and applied behavior analysis therapy.
