The August issue of Venture Capital Journal brings a very good piece on the emerging brain fitness software (also called “neurosoftware”) category:
– Mind Games (subscription required)
– Dakim, Lumos Labs, Posit Science and other brain fitness startups are starting to gain mind share and capital from venture firms.
The reporter and I spoke as Lumos Labs received its $3m round, and we discussed other fundable start-ups, featuring CogniFit. Which, as mentioned over the weekend, just raised $5m.
If case you are a new SharpBrains reader, perhaps visiting us after reading this VCJ article, let me provide a quick overview of the category and our Market Report (which is annual, not quarterly as the article states):
We estimate the size of the US brain fitness software market at $225M in 2007, up from $100m in 2005 (50% CAGR), analyzing the size and trends of four customer segments: consumers, healthcare & insurance providers, K12 school systems, and fortune 1000 companies, military, and sports teams. Two segments fueled the market growth from 2005 to 2007: consumers (grew from $5m to $80m, 300% CAGR) and healthcare & insurance providers (grew from $36m to $65m, 35% CAGR).
Ten Specific Highlights from The State of the Brain Fitness Software Market 2008 report include:
1) 2007 was a seminal year for the US Brain Fitness software market, which reached $225 million in revenues up from an estimated $100 million in 2005.
2) Over 20 companies are offering tools to assess and train cognitive skills to four customer segments: consumers; healthcare and insurance providers; K12 school systems; and Fortune 1000 companies, the military, and sports teams.