A TECHNOLOGY firm set up by graduates of the University of Glasgow and Strathclyde University has secured $2 million of venture capital funding to develop its dementia app.
MindMate, whose app includes brain training games and reminder tools for those living with dementia, has closed the funding round less than two years after completing a programme at renowned US tech accelerator Techstars.
US-based investors LaunchCapital, Telegraph Hill Capital, Mucker Capital, PLG Ventures, Luma Launch and Potential VC all participated in the round, which will allow the business to develop its app to the point it can influence research on dementia.
The intention is to use the data collected on the app to match patients with clinical researchers to help come up with better therapies.
Chief operating officer Patrick Renner said this is vital because 86 per cent of clinical studies are unable to meet their recruitment goals, while 11 per cent fail to register a single patient.
“With MindMate, we are not only helping people with cognitive decline, but also helping to accelerate new therapies in this area,” he said.
MindMate chief executive Susanne Mitschke added: “Conditions like Alzheimer’s and dementia affect so many of us, not only the sufferers but family, friends and the support systems around those living with the condition.
“We are on track to develop a product, build a community and bring people closer together with the research and industry players that can make a lasting difference to how we manage these conditions in the years ahead.”
The business, which was founded in Glasgow and also has a base in Los Angeles, was set up by Mr Renner and Ms Mitschke alongside chief technology officer Rogelio Arellano and former marketing head Gabriela Matic.
Mr Arellano came up with the idea for the app after he and his family developed a number of activities to help his grandfather deal with Alzheimer’s.
Ms Matic left the business in 2016 and is now a programme director at Ignite Accelerator, a Newcastle-based support and investment network for start-up businesses.
Two years ago MindMate secured NHS Greater Glasgow & Clyde as its first paying customer following a two-month trial.
The founders then spent three months at Techstars in New York.
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