Stockholm-based startup Alex Therapeutics has collected 3.5 million euros in an oversubscribed financing round led by Hadean Ventures with the participation of Scale Capital, Bonit Capital, Elekta’s founder Leksell family office alongside its existing investors, the King (Candy Crush) founders through their fund Sweet Studio. The company’s AI-powered Alex DTx Platform works with pharmaceutical companies and helps prescribe digital therapies. The company targets global leadership in terms of DTx solutions as an alternative to traditional therapeutics. The funding will boost the company’s growth in Europe and Us as well as pave the way for new product developments.
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.
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.
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.
“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.” says John Drakenberg Renander, co-founder and CEO at Alex Therapeutics.
“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.” states Dr. Ingrid Teigland Akay, MD, MBA, Managing Partner at Hadean Ventures.
“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.” says Anders Frostenson, Founder & MD at Sweet Studio (King/Candy Crush founders fund).
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.
About Alex Therapeutics
Alex Therapeutics is a digital therapeutics (DTx) company based in Stockholm which designs and develops Software-as-a-Medical-Devices (SaMDs). With the proven “Alex DTx Platform”, expertise in artificial intelligence and evidence-based psychology, Alex Therapeutics is uniquely positioned to deliver cutting-edge and reliable DTx products. The company has treated tens of thousands of patients, has experience with clinical validation, and overwhelmingly positive patient testimonials.
About Hadean Ventures
Hadean Ventures is a European life science venture capital fund manager with c. €200m assets under management. Hadean Ventures has offices in Oslo, Norway, and Stockholm, Sweden, as well as a presence in Germany, Austria and the UK. Hadean invests across all healthcare verticals and stages with a focus on pharmaceuticals & biotech, medical devices, diagnostics and digital health. With a local European presence in regions that regularly produce world-class science, yet historically have been under-ventured, Hadean looks to find top opportunities with the flexibility to invest in great ideas no matter what vertical.
About Scale Capital
Scale Capital is an early stage venture fund investing in digitization and disruptive technologies within business-to-business. Scale Capital primarily invests in companies in the Nordic region with the potential and ambition to win in the US market. They focus on delivering impact through technology that creates positive changes to the planet and people’s lives. They are headquartered in Copenhagen and have offices in New York and Silicon Valley.
About Bonit Capital
Bonit Capital is a family-owned investment company within the life science and healthcare sector. Based in Stockholm, Bonit takes an active ownership approach by providing capital, industry expertise and access to an international network – focusing on the areas of digital health, medical technology, diagnostics and population health.