Alex Therapeutics raises €3.5M in oversubscribed financing round from top tier VC investors to advance expansion in Europe and the US.
Stockholm-based Digital Therapeutics (DTx) company Alex Therapeutics today announces it has secured a €3.5M funding round, led by European life science venture fund Hadean Ventures and joined by Scale Capital and Bonit Capital.
Alex Therapeutics aspires to become the global go-to partner for pharma, and other life-science companies seeking to develop and launch DTx solutions. These digital health products are validated in clinical trials and prescribed by a doctor, similar to traditional therapeutics. This funding round will be used to accelerate Alex's growth in Europe and the US and to develop novel DTx products alongside both new and existing partners, including Pfizer.
We’re overwhelmed by the interest from the investor community and are glad to welcome some incredible institutional investors to join us as we take the next major leap with Alex. We’re looking forward to learning from their many years of experience in developing medical devices and scaling Nordic tech platforms internationally. They perfectly complement our current investors, who have a unique perspective on building engaging consumer technology.
John Drakenberg Renander, co-founder and CEO at Alex Therapeutics
The round was led by Hadean Ventures, a European specialist life science venture fund, with participation from Scale Capital and Bonit Capital, the Leksell (founder of medical device company Elekta) family office. The new investors provide cross-disciplinary expertise in successfully developing medical devices and scaling global B2B tech platforms. Existing investors, the King (Candy Crush) founders through their fund Sweet Studio, also participated in the round.
We’ve been following the digital therapeutics space for a long time and are now seeing major markets such as Germany and the US open up for prescription and reimbursement of digital therapies. Alex Therapeutics' impressive track record, dedication to developing treatments with and for patients, combined with their utilization of advanced technology make them an attractive partner for companies seeking to launch digital therapeutics.
Dr. Ingrid Teigland Akay, MD, MBA, Managing Partner at Hadean Ventures
Alex Therapeutics uses its AI-powered digital therapeutics platform “Alex DTx Platform” to develop and launch prescription digital therapies, typically in partnership with pharmaceutical companies. The DTx products are clinically validated and approved medical devices, prescribed by doctors and reimbursed by healthcare systems. The platform combines evidence-based psychology, primarily Cognitive Behavioral Therapy (CBT), with AI and Machine Learning to provide personalized treatments that address the needs of patients worldwide.
Alex Therapeutics’ journey has been incredible, and we’re proud to have supported them from day one. Looking back, it’s astonishing what John, Oliver and their team have accomplished in such a short period of time. With partners such as Pfizer, and now institutional investors with a strong track record in life science and international expansion, there’s no limit to what they can do.
Anders Frostenson, Founder & MD at Sweet Studio (King/Candy Crush founders fund)
Read the full press release here
Announced strategic commercial partnership with Pfizer earlier this year
Alex Therapeutics recently announced a strategic commercial partnership with the global pharmaceutical company Pfizer. The initial focus of the partnership is a digital therapy called Eila® treating nicotine addiction.
Read the full Pfizer partnership press release here
