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Posit Science, one of several companies offering software to strengthen cognitive function and prevent brain deterioration, has raised $5.6 million in a third round of funding to continue product development and ramp up marketing efforts, reports VentureWire (subscription). The San Francisco-based company is coming off its strongest sales quarter yet, but faces a surprisingly crowded field of competition.
Companies like Dakim, Vivity Labs, Lumos Labs and Cognifit have all raised substantial capital in the last year to produce very similar software and devices for senior citizen consumers. While some of these offerings are based online — charging a small subscription fee for membership — Posit Science sells CD-ROM games that help users form new neural connections, keeping their brains nimble. It’s largest customer-base is assisted living facilities for the elderly.
So far, it has two software packages on the market: Brain Fitness (see right), used to preserve cognitive function (memory, concentration, troubleshooting), andInSight , used to keep visual perception sharp so that seniors can continue to drive. With sales of both these products up for the first quarter, the company says the recent round of funding should be enough to put it in the black.
Posit Science offers it products directly to consumers through its web site, but says it will also seek partnerships with health insurance companies to expand its reach.
Aberdare Ventures, Cooley Godward Kronish, Draper Fisher Jurvetson and VSP Capital provided the recent round of funding. The company says it will keep the round open for several more weeks, anticipating a second close.
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