Lumosity raises $32.5 Million in Series C Funding
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Lumosity raises $32.5 Million in Series C Funding
Santa Clara: San Francisco-based Lumosity raised $32.5 million in Series C funding led by Menlo Ventures. The existing investors FirstMark Capital, Harrison Metal and Norwest Venture Partners also participated in the deal. The deal brings the company's total funding to nearly $40 million. This is the largest round of funding so far in the cognitive fitness. Kunal Sarkar, Co-Founder and CEO, Lumosity, said that the fund will be used towards mobile application development, new games, international expansion and sales and marketing. Founded by three friends with similar goals and complementary skill sets in 2005, the organization is a cognitive neuroscience research and development company that builds software tools for improving brain health and performance. They specialize in creating innovative applications of the latest developments in brain science in order to help people lead better lives. Since its formation, the company consistently focuses on research and development of the most effective cognitive training applications. The games and exercises developed by Lumosity aims to improve core cognitive abilities and enable users to remember more, think faster and perform better at work and school. On an average, the users experienced more than 10 percent improvement in working memory and greater than 20 percent improvement in divided attention after 10 hours of playing the brain game. Over 14 million people have joined Lumosity in the last four years, with eight million joining in the last year alone. The company has paying subscribers from over 180 countries and has expanded to mobile with an iPhone.

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