Lumos Labs Raises $32.5 Million in Series C Funding
Date: Friday , July 01, 2011
San Francisco-based Lumosity, Lumos Labs, raised $32.5 million in Series C funding led by Menlo Ventures marking the largest funding so far in the cognitive fitness space. 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. Kunal Sarkar, Co-Founder and CEO of Lumosity, said that the fund will be used towards mobile application development, new games, international expansion and sales and marketing.
Started 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. The company has paid subscribers in over 180 countries and is providing games on iPhone, Palm and Android devices.