Cognetivity joins select group of UK scaleups deemed capable of achieving at least 50% annual growth
VANCOUVER, BC, Feb. 11, 2021 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB) today announced that it has been awarded a place on the highly selective ‘Scaleup Programme’ run by Innovate UK EDGE, part of Innovate UK, the UK Government innovation agency.
Innovate UK has invested approximately £2.5 billion in British businesses since 2007 and by doing so, added an estimated £18 billion of value to the UK economy. Its investment also takes the form of growth and scaling support, through Innovate UK EDGE.
The Scaleup Programme is highly selective and issues invitations only to companies with the potential to achieve compound annual growth rates (CAGR) of 50% and over.
The 2018 iteration of the programme saw 30 companies selected from a long list of around 2,800, with a demonstrable return from public money invested in terms of job creation and funds raised.
The programme grants Cognetivity funded, one-to-one and bespoke support via a designated high calibre Scaleup Director, as well as access to a network of experts in domains such as international market access, finance and IP. The support is centred on providing timely resources to participants to achieve their scaling ambitions, for example expansion into international markets.
Innovate UK has already provided CAN $1 million in funding for Cognetivity’s Accelerating Dementia Pathway Technologies study which is deploying the company’s Integrated Cognitive Assessment (ICA) platform in the NHS, working with Alzheimer’s Research UK. The study, now in its second year, has recently expanded its scope to include fully remote monitoring, allowing doctors to assess patients accurately in their own homes.
Commenting on the announcement, Dr Sina Habibi, CEO of Cognetivity, said, “We’re clearly delighted not just to have been invited to apply but ultimately to have been awarded a place on this programme. To get to this stage demonstrates that the UK’s innovation agency has both faith in the huge potential of our technology and in our business model with its objective of global market disruption.”
“Receiving funded, bespoke support from a scaleup specialist and wider network access is sure to be extremely valuable for us as we pursue our goal of revolutionising the assessment and monitoring of dementia on a global scale. And of course, selection brings welcome validation of our product/market fit, our capacity to grow quickly, and the size of the global market our solution is able to address.”
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company that has created a cognitive testing platform for use in medical, commercial and consumer environments. Cognetivity’s ICA uses Artificial Intelligence and machine learning techniques to help detect the earliest signs of impairment by testing the performance of large areas of the brain to support diagnosis of dementia. It has achieved regulatory approval for clinical use in the UK and Europe with future clinical approval anticipated in North America and elsewhere in the world.
Innovate UK EDGE: www.innovateukedge.ukri.org
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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SOURCE Cognetivity Neurosciences Ltd
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