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Gamified brain-trainer Memorado raises $3.3 million in Series A funding
“Gym for the brain” app Memorado made headlines back in September when it announced that it had quietly raised $1.3 million in its seed round earlier that year, and that its service had already been adopted by a user base of over 1 million users. Now the German company has announced that has raised an additional $3.3 million in Series A funding as it makes plans to expand its brain exercises into new directions.
With its new funding, Memorado plans on developing more personalized brain training programs, allowing users to customize their exercises to more closely match their strengths and weaknesses.
“Your brain is your most important asset”
The iOS-only app currently offers a multitude of game-like exercises that employ different types of thinking skills such as pattern recognition, spatial reasoning, mental agility, and more. Memorado created its games with the help of several cognitive scientists, and the company claims that use of its app has an “average increase in brain quotient” of 76 percent.
“Your brain is your most important asset in today’s world,” Memorado co-founder Marius Luther said earlier last year. “Yet there is no good way to work it out and improve cognitive functions.”
He added, “By building the ‘gym for the brain’, we want to provide a structured, engaging and fun program to trigger mental activity and improve cognitive abilities”
One of Memorado’s largest competitors is Lumosity, a brain training app that raised similar levels of capital in its early funding rounds, and while Memorado’s rapidly growing user base has more than tripled since its launch a year ago, it has a long way to go before it catches up with Lumosity’s user base of over 50 million people.
But Luther is optimistic about the future of Memorado and the opportunities its new funding will bring. “What is commonly understood as cognitive enhancement is traditional education. However, today’s solutions can take a variety of shapes — be it nootropics, EEG-led headbands, or mobile brain training,” Luther said in a statement. “With the Series A funding we now have the opportunity to build the leading cognitive enhancement product suite.”
Image credit: Memorado (c)
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