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Cleveland Clinic invested in the startup company, Floreo who has acquired Autism Eyes, an autism diagnostics and assessment company that Cleveland Clinic spun off in 2019. JD Friedland, Managing Director of Cleveland Clinic Ventures, discusses the significant contributions these companies are making to autism research
Cleveland Clinic prioritizes “power alleys” or, as JD Friedland referred to them, domains of clinical expertise. The organization has propelled over 100 startups into operation since 2000, collectively amassing 23 portfolio companies. Each company concentrates its own “power alley” such as neurology, cardiovascular health, oncology, and surging areas of innovative interest such as autism care.
As the number of children diagnosed with autism rises, it has become common for treatment to be seen in traditional venture capital and private equity firms but not so much in a health system’s innovation and venture arm. In contrast, Cleveland Clinic’s Children's Center for Autism displays insight into hardships regarding autism care.
In April, Cleveland Clinic took a financial stake in Floreo, an enterprise that has engineered a virtual reality software platform designed to deliver behavioral therapy for neurodiverse individuals. Following their agreement, Floreo proceeded to acquire Autism Eyes, a company specializing in autism diagnostics and assessment, which was a spin-off by Cleveland Clinic Innovations in 2019.
Established eight years ago, Autism Eyes aimed to develop more effective and efficient autism screening tools, as an alternative to traditional pen-and-paper tests which often involve lengthy wait times. The tool can give a diagnosis in less than 10 minutes, with an 80% accuracy, by using artificial intelligence and eye-gaze tracking technology.
Friedland articulates the significance of this development, stating, “...it's a large market with a huge unmet need and a lot of dissatisfaction with the current standard of care... and there’s a clear positive impact on the lives of patients by getting them diagnosed for proper treatment earlier.”
Floreo, according to Friedland, markets its software to providers of autism therapy and educational institutions. This aligns with Cleveland Clinic's strategic methodology of nurturing its incubated enterprises, investing strategically, and identifying appropriate acquirers for these companies.
Read the article via Modern Healthcare.
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