Connecticut Innovations Makes $200,000 Investment in C8 Sciences
Company pilot tests product to enhance learning and identify and treat ADHD
Rocky Hill, Conn., June 12, 2012 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based innovation and economic development, today announced that it has provided $200,000 in follow-on financing to C8 Sciences of New Haven, Conn., as part of a $320,000 investment round, also involving C8 Sciences management. The funding will enable the company to continue pilot testing its product and pursue its sales pipeline. In 2011, CI provided C8 Sciences with $150,000 in pre-seed funding.
C8 Sciences markets neuroscience-based, web-delivered brain development programs that are integrated with physical exercise. The initial product is designed to improve the learning ability of elementary school children and also promises to have value in identifying and treating children with ADHD. The company’s first set of computer games incorporates physical exercises with cognitive functions, automatically adjusting the difficulty to the capability of the child and providing real-time corrective messaging and online error diagnostics for the child and teacher. This enables the teacher to provide further individualized instruction.
“We are excited to be supporting a company whose products will have an important and lasting impact on the learning ability of young children,” said Claire Leonardi, chief executive officer and executive director of CI. “By introducing new and innovative learning tools, C8 Sciences will help to improve our nation’s competitiveness and addresses multiple goals of the Malloy administration—improving education and supporting innovation.”
The initial product, C8Kids, is the result of collaboration between company founders Professor Bruce Wexler, M.D., of Yale School of Medicine, whose research has focused on neuroscience and psychiatry, and Professor Jinxia Dong, Ph.D., of Peking University, whose research has focused on physical education and sociology. Their innovative product addresses the growing “digital brain health and fitness” market, expected to reach over $2 billion within five years, and is well suited for school systems committed to innovation, after-school programs where cost-efficient educational programming is needed, and special education/ADHD markets. Intellectual property being patented by Yale University and licensed to C8 Sciences is central to the company’s product.
“Connecticut’s entrepreneurial technology community benefits daily from discoveries and intellectual capital residing at Yale University,” said State Representative Gary Winfield-Holder. “I’m delighted that C8 Sciences is bringing some of this institution’s science to practical, mainstream use in the important field of education.”
C8 Sciences completed pilot testing of C8Kids in two Connecticut school districts in early 2012 and the commercial sales program began in March with initial sales in New York. Both pilot districts in Connecticut plan to continue using C8Kids in the next school year as do the initial customers in New York. The product is in the trial stage in several districts in other East Coast states.
Senator Toni Harp commented, “C8 Sciences is one of a vibrant group of innovative companies transforming New Haven into a destination for entrepreneurs and researchers working in bioscience, biotechnology, and other emerging healthcare related fields. I am encouraged about Connecticut’s future prosperity when I see new ventures taking root in New Haven, particularly at startup hubs like the CTech incubator, and I applaud Connecticut Innovations’ foresight and investment in these visionary companies.”
Scott Milford, CI investment analyst, will monitor and advise C8 Sciences on behalf of CI.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About BeCaid LLC, d/b/a C8 Sciences
C8 Sciences develops and markets neuroscience-based cognition improvement products that have the potential to solve some of the most significant problems in childhood education and in our ageing population. We are the only company to offer integrated computer and physical exercises - “cognition cross-training.” Our products are based on proprietary intellectual property developed at Yale University. For more information on C8 Sciences, please visit www.c8sciences.com.