October 4 (SeeNews) - Bulgarian venture capital firm Eleven Ventures invested 1.5 million euro ($1.57 million) in Greek-founded cognitive and mental impairment diagnostics solution provider LANGaware as part of a 2-million-euro funding round, an Eleven Ventures representative told SeeNews on Wednesday.
LANGaware's existing investor, Greek venture capital fund Metavallon, provided the remaining financing, the Eleven Ventures representative said in response to a SeeNews enquiry.
The fresh funding will be used to enhance LANGaware's technology and product teams, improving its AI capabilities. The company also plans to expand its engineering team to ensure continued progress in its AI-driven cognitive and mental health diagnostics.
"Our strategy includes running existing and new research projects in collaboration with Harvard Medical School, evolving our software stack to version 2.0, adopting new technologies, expanding our platform's capabilities to address new diseases and functionalities such as anxiety detection, and optimising product performance in data acquisition," LANGaware founder Vassiliki Rentoumi said.
California-headquartered LANGaware, founded in 2019, uses screening software that employs AI-powered voice processing to detect biomarkers for dementia, mild cognitive impairment and depression, Eleven Ventures said in a separate statement. The company's solution, which analyses over 600 biomarkers in a two-minute speech recording, had an 80% accuracy rate in early trials.
($ = 0.9552 euro)