Limbix intends to utilize the proceeds of the round to advance further research and development of its flagship product, Limbix Spark, the first prescription digital therapeutic designed to treat adolescents with depression
Fremont, CA: Limbix, the leader in digital therapeutics for the treatment of adolescent mental health disorders, raised $9M in Series A round of financing led by GSR Ventures, an early-stage investment firm based in Palo Alto. Also joining the funding round are other existing investors of Limbix, including Sequoia Capital, Storm Ventures, NextGen Venture Partners, and BIXINK Therapeutics.
Limbix intends to utilize the proceeds of the round to advance further research and development of its flagship product, Limbix Spark, the first prescription digital therapeutic designed to treat adolescents with depression. Limbix Spark is a multi-week cognitive behavioral therapy-based program focused on the completion of value-based activities that spark feelings of pleasure or mastery. With increased screening for depression in primary care, treating adolescent depression often falls to pediatricians who have limited effective treatments to offer patients. Once FDA cleared, Limbix Spark will be available as a new treatment option for pediatricians to prescribe to their patients.
"GSR Ventures has tremendous expertise in medicine and digital health, making them an ideal partner for our company," said Ben Lewis, CEO and co-founder of Limbix. "In the coming years, we'll be running more trials on Limbix Spark, forming commercialization partnerships, and working towards FDA clearance on Limbix Spark as a Class II medical device. Having GSR Ventures' guidance along this path is incredibly helpful for our business."
"We are thrilled to partner with such a passionate team working to improve mental health treatment for those who need it most. The Limbix team focuses on rigorous clinical data, and their combination of strong medical, research, and technology backgrounds make them uniquely positioned to succeed," said Justin Norden, Partner at GSR Ventures.