Solsten, a Minneapolis-based company that uses AI to help brands gather insights on their customers, has raised $21.8 million through a Series B funding round, according to a recent announcement.
The amount brings the company’s total funding to $31 million since it was founded in 2018 in Berlin, Germany, according to a press release. The money will be used to further develop its product suite, expand its Minneapolis headquarters and to fund future clinical trials, said CEO and co-founder Joe Schaeppi.
“We're working to advance the human experience holistically,” Schaeppi said.
Solsten uses its AI-centered technology and products to help companies, largely those in the gaming industry, to create better digital experiences for their current and predicted audiences through examining human psychology with anonymized data. The company’s website shows three released products so far: Traits, Navigator and Frequency.
Current clients of Solsten include gaming companies like Mythical Games, MobilityWare, Sky Mavis, Super Evil Megacorp, Wooga, Starbreeze and Tilting Point.
The recent funding round was led by Konvoy, a Denver-based investment firm that backs early stage companies involved in the gaming industry. Returning investors also participated, including Inventure, GFR Fund, Sisu Game Ventures and Bascom Ventures. The round also included new investors, which are Galaxy Interactive, Dentsu Ventures and Warburg Serres, the press release said.
In addition to developing its "experience suite" of products, the company is also looking to use the money to fund clinical trials, which are intended to examine whether existing games can assess the mental health of individuals and improve certain conditions, Schaeppi said. The trials, including one focused on anxiety and depression following cancer recovery, will begin this year, he said.
The reach of the company's current client base means Solsten has the opportunity to tap into using existing games as part of the clinical trials, the CEO said. “If we're fitting into real games and experiences they actually do, we have a shot at having an incredible amount of impact on people,” he said.
Looking ahead, Schaeppi said the goal would be to get a game FDA-approved for measuring such health conditions.
The clinical aspect of the business, which is a component of the company’s research and development, is part of the company’s push toward bettering the entire human experience, the CEO said, adding that health care has been foundational to the business since its inception.
“Minnesota is an incredible ecosystem if you are in the health care space, and especially when it comes to mental health,” said Schaeppi, who was previously a clinical mental health counselor.
Since Solsten was founded in Berlin, most of its employees are based there, Schaeppi said. But over the next year, the company plans to employ more people from Minnesota, he said.
