Alex Therapeutics in a €3.5 million equity deal backed by Hadean Ventures, Scale Capital, Bonit Capital et al

Alex, a Stockholm, Sweden-based startup working on building a platform designed to work with pharmaceutical companies and prescribe digital therapies, announced closing a €3.5 million ($3.8M) equity deal.

The money was raised from investors led by Hadean Ventures, and joined by Scale Capital, Bonit Capital (Laurent Leksell family office) and existing shareholders Sweet Studio.

Alex, incubated in 2018 by John Drakenberg Renander and Oliver Fleetwood over at Sweet Studio, was initially a mobile application that used behaviour profiles in order to provide advice and solutions for people interested in quitting their vices, like smoking or alcohol addiction. The company later pivoted to a B2B pharma platform used to provide evidence-based, clinically validated, and personalized digital therapies to patients. The platform is called Alex DTx and combines evidence-based psychology, primarily Cognitive Behavioral Therapy (CBT) and Acceptance and Commitment Therapy (ACT) with AI, and provides personalized standalone treatments to address unmet needs among patients worldwide.

Alex previously raised around $600k in funding from Sweet Studio in 2018.