Lumosity (www.lumosity.com) announced today it has raised $32.5 million in Series C financing. Lumosity leverages cutting-edge neuroscience to create games and exercises that improve core cognitive abilities and enable users to remember more, think faster and perform better at work and school. This round was led by Menlo Ventures, along with participation by existing investors FirstMark Capital, Harrison Metal and Norwest Venture Partners.
“By leveraging its proprietary intellectual property and adaptive learning algorithms, Lumosity is enabling people to improve their lives in a positive and meaningful way - and creating a great business in the process.”
Lumosity's online brain exercises have grown in popularity across a broad base of users. In the last four years over 14 million people have joined Lumosity, with 8 million joining in the last year alone. The company has paying subscribers from over 180 countries, and revenues have grown 25% quarter-over-quarter since its launch in 2007.
"Lumosity is comparable to a gym in that it is useful for practically anybody who would like to improve their own abilities and fitness," said Pravin Vazirani, Managing Director at Menlo Ventures, explaining the company's rapid growth. "By leveraging its proprietary intellectual property and adaptive learning algorithms, Lumosity is enabling people to improve their lives in a positive and meaningful way - and creating a great business in the process."
Created by neuroscientists from Stanford University, Lumosity offers personalized training programs customized to the needs of each user. Several peer-reviewed science publications have found Lumosity to be effective in improving core cognitive abilities such as working memory, visual attention and fluid intelligence. Long-term use of the site by all age groups and nationalities has led to the largest and most comprehensive database of human cognition ever compiled, which Lumosity uses to further improve its training programs. Lumosity currently has research collaborations underway with over 25 academic institutions, including all of the top five neuroscience programs in the United States.
"As a company, we're energized by the success stories of our customers and how Lumosity has helped them achieve their goals," said Kunal Sarkar, co-founder and Chief Executive Officer of Lumosity. "We hear from professionals who advance their careers more quickly, students who can now pay attention well enough to succeed in school, or others who simply report being more sharp and confident in everyday life. These are the outcomes that motivate us each day, and the additional capital will allow us to broaden our R&D efforts and help create a better user experience across our web and mobile offerings."
"Lumosity is at the epicenter of the rapidly growing fields of 'quantified self' and 'gamification of health and wellness' that are changing the way consumers track and improve their lives. Lumosity's scientific rigor, self measurement and engaging game mechanics are motivating millions of new consumers to exercise their brains. We're extremely passionate about this growing sector and Lumosity's clear leadership position in the category," said Tim Chang, Partner, Norwest Venture Partners.
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