Milk Capital invest in Cognifit, a company specialized in cognitive and brain software
MILK CAPITAL has realised an investment in COGNIFIT®, an Israeli company specialising in IT software which trains and develops cognitive capacities in a scientific way.
The solutions developed by CogniFit are designed to apply to a large number of fields, such as healthcare, driving, education, sport and many others. The field of applications is almost unlimited since the basic cognitive skills trained by the software take part in all brain activities.. All of these applications were tested by scientists and have shown outstanding results.
The most renowned one, MindFit, has been designed specifically to train in a scientific way, cognitive capacities, such as memory. By improving cognitive abilities, MindFit can help cope with the important economic problems posed by the aging of the population and the costs for nursing care insurance borne by government authorities and insurance companies. Therefore, this programme has been designed in particular for the aging population, the “baby boomers” and the even older ones as it can help slow down the premature loss of intellectual or mental capacities as well as Alzheimer's disease. MindFit was awarded the “Business and Aging Award” of the American Society of Aging and the Consumer Health World Award for best Wellness Initiative in 2007.
The second leading product from CogniFit is DriveFit, which was developed to evaluate and to improve driving capacities as these are very strongly linked with the cognitive domain. For example, this programme enables insurance companies to evaluate the risks of accidents caused by a young driver or an elderly one or to train drivers having more experience. Confirming its efficiency, the DriveFit programme was awarded the Prince Michael International Road Safety Award with the British School of Motoring,
For Nathanael Eisenberg, Managing Director of MILK CAPITAL “The scientific approach of brain training by CogniFit is absolutely revolutionary and is particularly useful in our aging population, as these programmes may enable to reduce specific risks of accidents delay the loss of mental capacities and to cope with dependency related issues. Apart from a significant impact for the consumers, insurance companies and government authorities, CogniFit may also offer a genuine sociologic benefit.”
Since its establishment in 1999 as a start up in the Ofer Group’s Incubator, Naiot, CogniFit attracted 4.2M$. The company has grown significantly and today, its software is distributed in many countries, from the United States to France to New Zealand, and has been translated into ten languages. This 5M$ investment of MILK CAPITAL should drive the development of CogniFit all the more as the company intends to conquer new markets by means of new products and applications all over the world.
For Amichai Bar-Nir, CEO of CogniFit "Our special relationship with MILK CAPITAL strengthens CogniFit's lead position in the fast-growing, brain fitness market. This agreement will help us expand opportunities and reach a wider audience in both the US and Europe. Milk Capital's investment allows us to increase our sales and marketing efforts and continue developing leading cognitive assessment and training products".
For this operation, MILK CAPITAL was counselled by Ran Hamou, partner of the office LSK & Associés, one of the heads of the departments mergers / acquisitions and structured financing.