{"id":54911,"date":"2023-03-16T14:05:32","date_gmt":"2023-03-16T13:05:32","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/spectrumai-secures-up-to-20m-series-a-investment\/"},"modified":"2023-03-16T14:05:32","modified_gmt":"2023-03-16T13:05:32","slug":"spectrumai-secures-up-to-20m-series-a-investment","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/spectrumai-secures-up-to-20m-series-a-investment\/","title":{"rendered":"SpectrumAi Secures up to $20M Series A Investment"},"content":{"rendered":"
\n

\nCVS Health Ventures leads with Cobalt Ventures, F-Prime, Frist Cressey and Autism Impact Fund<\/i>\n<\/p>\n

LOS ANGELES–(BUSINESS WIRE)–SpectrumAi, a company developing innovative solutions to improve autism care, today 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. Financing will accelerate adoption of SpectrumAi\u2019s applied behavior analysis (ABA) electronic health record, Twyll, and Patterns, its network analytics platform, that are designed to improve data capture and objective measurement of ABA therapy for autism.\n<\/p>\n

\nAutism is the fastest growing developmental disability in the United States1<\/sup> driving unprecedented growth in the ABA industry. ABA is intensive and long-term therapy, averaging up to 25-40 hours each week. Measurement of ABA therapy\u2019s efficacy to date has been limited to subjective parent and provider surveys.\n<\/p>\n

\n\u201cABA 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,\u201d said Ling Shao, Founder & CEO of SpectrumAi. \u201cAs we lay the foundation for a transition from fee-for-service to value-based contracting in ABA, we\u2019re honored that CVS Health Ventures, Cobalt Ventures and others have joined our mission to advance quality industry-wide.\u201d\n<\/p>\n

\nCVS 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. Both products were built from scratch and live in-market less than 18 months from the company\u2019s launch.\n<\/p>\n

\n\u201cData 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,\u201d said Vijay Patel, Managing Partner at CVS Health Ventures. \u201cOur investment can help support SpectrumAi\u2019s use of disruptive technology and value-based care to address ABA\u2019s significant data void.\u201d\n<\/p>\n

\nDavid Eichler, Managing Partner of Cobalt Ventures, said, \u201cWe believe SpectrumAi\u2019s framework of building data-backed quality initiatives through payor and provider collaboration is a winning formula to deliver change in healthcare.\u201d\n<\/p>\n

\n\u201cSpectrumAi 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,\u201d said Carl Byers, Partner, F-Prime Capital and SpectrumAi Board Director.\n<\/p>\n

\n\u201cThe 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,\u201d shared Frist Cressey Ventures Partner and SpectrumAi Board Director, Navid Farzad. \u201cSpectrumAi\u2019s life-changing platform will help payors, providers, and most importantly, the patients and their families receive better care.\u201d\n<\/p>\n

\nSpectrumAi\u2019s 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, to increase supervisor efficiency and capacity, and to easily enable providers to enter into value-based contracts with payors.\n<\/p>\n

\nABOUT SPECTRUMAI\n<\/p>\n

\nSpectrumAi develops innovative solutions to improve life-changing therapies. Our initial focus is to modernize Applied Behavior Analysis (ABA) for children with autism by capturing and measuring objective treatment and outcomes data to understand quality drivers.\n<\/p>\n

\nFor more information, please visit www.spectrumai.com<\/a>.\n<\/p>\n

\n1 <\/sup>Aut<\/i>ism facts<\/i>. Easterseals Community and Disability Services. (n.d.). Retrieved March 2, 2023, from https:\/\/www.easterseals.com\/gc\/explore-resources\/living-with-autism\/autism-facts.html<\/a>\n<\/p>\n

Contacts<\/b> <\/p>\n

\nSpectrumAi
\n
Chris Storer
\n
media@spectrumai.com<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

CVS Health Ventures leads with Cobalt Ventures, F-Prime, Frist Cressey and Autism Impact Fund LOS ANGELES–(BUSINESS WIRE)–SpectrumAi, a company developing innovative solutions to improve autism care, today 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 … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-54911","6":"format-standard","7":"category-industry"},"yoast_head":"\nSpectrumAi Secures up to $20M Series A Investment - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/spectrumai-secures-up-to-20m-series-a-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SpectrumAi Secures up to $20M Series A Investment - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"CVS Health Ventures leads with Cobalt Ventures, F-Prime, Frist Cressey and Autism Impact Fund LOS ANGELES–(BUSINESS WIRE)–SpectrumAi, a company developing innovative solutions to improve autism care, today 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 ... 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