Denver-based Nymbl Science, a startup developing digital fall prevention solutions for older adults, announced the closing of a $4 million Series A funding round on Tuesday.
Cobalt Ventures, LLC, the investment arm of Blue Cross and Blue Shield of Kansas City, led the round with additional participation from other Nymbl investors.
The funds will accelerate the expansion, support and technical needs of Nymbl’s system, growing the company’s ability to meet the needs of older adult populations through Medicare Advantage and Single-Payer insurance systems.
“We are thrilled by the support of successful investors who see Nymbl as a breakthrough solution in the health care space. This investment will help us accelerate our growth as we continue to deliver population-level fall prevention solutions through leading health insurers, both in the U.S. and worldwide,” Nymbl CEO Ed Likovich said in a statement.
The company’s balance training program trains the brain and body to work together, known as dual-tasking, and takes only 10 minutes a day using a smart device.
“The Cobalt investment gives us the ability to recruit top-notch talent and enhance our product development as we expand our balance improvement platform that has demonstrated a 35 percent reduction in injurious falls,” Likovich added.
The company also announced that Phillip Linville, principal of Cobalt Ventures, joined Nymbl’s board of directors.
Cobalt Ventures invests exclusively in high-growth health care companies with the ability to scale nationally across the payer universe. It targets companies that increase the overall quality of health care services, improve outcomes and lower costs for customers and members.
“Nymbl is a company that aligns extremely well with Cobalt’s investment strategy,” Linville said. “They have demonstrated the ability to deliver their solution with excellent results through major Medicare Advantage payers and have only scratched the surface of this enormous market opportunity. We look forward to working with Nymbl to achieve and exceed their company mission of preventing one million falls.”
The Series A round builds on an impressive year for Nymbl, which saw the launch of Nymbl’s patented balance improvement system through two of the nation’s largest Medicare Advantage Providers. The company also partnered with the Accident Compensation Corporation (ACC), New Zealand’s single-payer injury prevention provider.
In 2019, more than 160,000 older adult New Zealanders experienced a fall that required medical care, and ACC spent $216 million on helping them recover. ACC is funding the trial as part of its older adult program, Live Stronger for Longer, which is focused on preventing falls and fractures.
