Los Angeles, California— With the help of CVS Health Ventures, Cobalt Ventures, and Seed investors F-Prime, Frist Cressey, and Autism Impact Fund, SpectrumAi, a business that is creating cutting-edge solutions to enhance autism treatment, announced that it has closed a USD 20 million Series A fundraising round. Funding will hasten the deployment of SpectrumAi’s Twyll, an electronic health record for applied behavior analysis (ABA), and Patterns, a network analytics platform intended to enhance data collection and objective evaluation of ABA therapy for autism.
The ABA sector is experiencing extraordinary growth since autism is the developmental condition with the most significant rate of increase in the United States1. ABA therapy is lengthy and rigorous, taking up to 25 to 40 hours per week. Up until now, only arbitrary parent and provider questionnaires have been used to gauge the effectiveness of ABA therapy.
“ABA service providers and their staff yearn for improved data collection, recording, and measurement of ABA therapy. Ling Shao, founder and CEO of SpectrumAi stated that the company gives front-line technicians and physicians robust tools to aid each kid in achieving their best outcome. “We are thrilled that CVS Health Ventures, Cobalt Ventures, and others have joined our objective to enhance quality industry-wide as we create the groundwork for a shift from fee-for-service to value-based contracting in ABA.
While SpectrumAi seeks to hasten the adoption of its ABA electronic health record, Twyll, and its network analytics platform, Patterns, it has attracted the support of CVS Health Ventures and Cobalt Ventures to Seed investors F-Prime, Frist Cressey, and Autism Impact Fund. Less than 18 months after the company’s launch, both goods were completely new creations and are now available in markets.
Vijay Patel, Managing Partner of CVS Health Ventures, stated that data gathering and documentation are essential to developing value-based contracting for the ABA sector and may help guarantee that patients receive the proper degree of assistance they require. “Our investment can enable SpectrumAi’s use of innovative technologies and value-based care to overcome the substantial data gap in ABA,” says the statement.
“We think SpectrumAi’s concept of establishing data-backed quality initiatives through payor and provider partnership is a successful formula to create transformation in healthcare,” stated David Eichler, managing partner of Cobalt Ventures.
“SpectrumAi has developed a solid solution to allow better workflows and data science to enable more excellent quality care. Carl Byers, Partner at F-Prime Capital, expressed excitement about increasing our commitment in this significant and expanding area of need.
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