Cortica, a hybrid provider that develops care programs for individuals with autism, announced it closed a $75 million financing round led by Deerfield Management and Optum Ventures.
New investors participated in Cortica’s recent round, including Echo Health Ventures and RA Capital Management as well as existing investors .406 Ventures, Longitude Capital, Ajax Health, Aperture Venture Partners, the Autism Impact Fund and Questa Capital.
The company also announced its acquisition of Springtide Child Development, a multisite interdisciplinary practice with telehealth capabilities that serves children with autism spectrum disorder and other developmental delays and disabilities. Springfield’s investors rolled their whole equity into Cortica.
Cortica also acquired Melmed Center, an Arizona-based research group and developmental pediatric clinic that owns 23 autism centers across the U.S.
WHAT IT DOES
Cortica offers virtual and in-person medical diagnosis services and behavioral and developmental therapies for children with ADHD, autism, developmental delays and a range of other neurodiverse conditions.
“We’ve been very impressed with Springtide’s product and clinical quality. Our combination brings together two leaders in whole-child autism care and enables us to extend Cortica’s medical model to Springtide’s centers,” Dr. Neil Hattangadi, cofounder and CEO of Cortica, said in a statement.
“We’ve also long admired the Melmed Center’s research and clinical capabilities and are thrilled to welcome them into Cortica as our platform for growth in Arizona. We’re honored to have Deerfield, Optum, RA and Echo join our investor syndicate, which now includes five of the country’s leading health plans.”
MARKET SNAPSHOT
In 2021, Cortica scored $60 million in funding.
In September, Cortica announced a partnership with health and wellbeing organization Point32Health, the parent company of Tufts Health Plan and Harvard Pilgrim Health Care.
Another company offering care for individuals with autism is SpectrumAi, which offers tools to help analyze quality and outcomes data on applied behavior analysis, a therapy aimed to improve communication, social and learning skills for those with conditions like autism.
