Virtuleap, a health tech and educational technology startup that developed a library of virtual reality games to assess and train a variety of cognitive skills, including memory, has raised $2.7 million (€2.5 million) in a funding round led by GED Ventures Portugal, a global financial group with offices in Europe, the United States, and South America.
With the help of emerging technologies such as virtual reality and artificial intelligence, Virtuleap aims to elevate the cognitive assessment and training industry. The platform prioritizes scientific design in its games and technology to unlock the potential mental impact made possible by the most recent research in neuroscience and behavioural science. Its multidisciplinary team includes developers and designers who collaborate with auditory scientists, cognitive scientists, and neuroscientists to develop high-quality brain training applications in the form of enjoyable gaming experiences.
Speaking on the fundraising, Baby Star. Marquez, Partner and Board Member of GED Ventures Portugal said in the statement:
This investment in VituLeap reflects the strategy adopted to invest in technology directly impacting people’s mental health, providing a better quality of life. At this meeting between technology and well-being, we are building a new future in mental health that is accessible to everyone.
“Neuroscientists created these short, intense, and enjoyable games as translations of neuropsychological assessment tools.” “AI learning tools then analyze the collected data,” the company reveals, adding that Enhance VR, developed by Virtuleap, aims to become an accessible “mind gym” and “serve, in the future, as a treatment for overcoming learning challenges such as ADHD and other cognitive disorders.”
GED Ventures further added that these exercises are divided into seven cognitive categories: memory, attention, information processing, spatial orientation, cognitive flexibility and problem-solving, motor control, and spatial orientation.
The startup is working on a second product, Cogniclear VR, which it hopes to release in 2024. It is a virtual reality-based cognitive screening tool jointly designed with partners such as Lusíadas Saúde and Roche Portugal in early 2020. Detect a potential cognitive disorder (e.g. Alzheimer’s disease) to allow early intervention and promote better health outcomes.
This investment, according to Amir Bozourzadeh, CEO and co-founder of Virtuleap, “will allow Virtuleap to accelerate the R&D and commercialization of its cognitive VR solutions that will help, in schools, businesses and homes, among others, to combat this ‘cognitive crisis’.
Based on the current environmental, social, and governance ethos, GED Ventures manages more than €1 billion in projects, private equity, and infrastructure assets. Since its inception, the company has been fully integrated into the life cycle of its funds. The organization reaffirms its commitment to #Tech4Purpose. According to the statement, “the design of #Tech4Purpose seeks to support technologies capable of transforming the world, promoting sustainability, and leaving a viable and promising legacy for future generations.”