Floreo Acquires Autism Eyes, a Cleveland Clinic Innovations-owned autism diagnostics and assessment company, enabling the company to expand its offerings into the diagnostics space

CLEVELAND CLINIC MAKES STRATEGIC INVESTMENT IN FLOREO AND JOINS COMPANY’S BOARD AS AN OBSERVER

Washington D.C. (April 1, 2024): Floreo, a leading behavioral therapy virtual reality (VR) company, has acquired Autism EyesTM, an autism diagnostics and assessment company created by Cleveland Clinic Innovations. This represents an important expansion of Floreo’s business and clinical model into the virtual diagnostics and assessment space. Additionally, Floreo has closed a strategic investment from
Cleveland Clinic. As part of the transaction, a representative of Cleveland Clinic will also join Floreo’s board of directors as an observer.

Autism EyesTM, a Cleveland Clinic Innovations portfolio company, accelerates time todiagnosis for individuals with autism and drives clinical workflow efficiency by providing a rapid, objective assessment of autism risk. Current diagnostic processes are subjective and lengthy, resulting in significant patient backlogs. Well-established research indicates that earlier autism spectrum disorder diagnosis leads to improved outcomes. Autism EyesTM addresses a clear unmet need by streamlining clinical
workflow to enable earlier diagnosis, earlier treatment access, and in turn, improved outcomes.

“The Cleveland Clinic’s strategic investment in Floreo is an important validation of our VR platform and business model,” said Vijay Ravindran, Floreo’s Founder and Chief Executive Officer. “In addition, Floreo’s acquisition of Autism Eyes is a potentially game-changing innovation for autism diagnosis and a practical use case for VR technology in the behavioral therapy space,” added Mr. Ravindran.

“The rising incidence of autism demands cutting-edge technology solutions to help individuals and their families, and Cleveland Clinic remains committed to driving innovations in autism treatment and services,” said Geoff Vince, PhD, Executive Director, Cleveland Clinic Innovations. “Floreo’s VR platform combined with the eye-tracking diagnostic capabilities of Autism Eyes will help build an integrated pathway tailored to each individual’s needs.”

Since its founding in 2016, Floreo has developed and deployed its pioneering VR system with scores of providers, including ABA practitioners, public and private school systems, vocational education programs, and healthcare systems. The company also played an important role in the establishment of Category III Current Procedural Terminology Code (CPT) from the American Medical Association for the use of VR technology to assist with therapy. The CPT III code (0770T) went into effect in January 2023, allowing qualified healthcare professionals to report their use of VR as part of therapy as a practice expense. In 2023, Floreo received FDA Breakthrough Device Designation for its skill building system.

About Floreo:
Floreo’s vision is a world that is open and accessible for every neurodiverse person. Its mission is to create the first behavioral therapy metaverse, a virtual world that is safe for learners, equipping them with skills and tools they can apply in their everyday lives. Floreo has developed a virtual reality platform that teaches social, behavioral, communication and life skills for individuals with Autism Spectrum Disorder, ADHD,
anxiety and other neurodiverse conditions. For more information, please visit
www.floreovr.com

About Autism Eyes:
Through a series of stimuli presented via an approximately 7-minute patient video, an external eye tracker captures patient eye-gaze data. The Autism EyesTM hardware-software solution utilizes proprietary Cleveland Clinic eye-gaze tracking algorithms to deliver autism risk index (ARI) and severity index (ASI) measures real-time that aid clinicians in diagnosis. Autism EyesTM accelerates time to diagnosis and access to intervention services for individuals with autism, and drives clinical workflow efficiency, by providing a rapid, objective assessment of autism risk, thus improving patient outcomes. Multiple Autism EyesTM studies with 500+ patients have been conducted in the United States and Qatar. The Autism Risk Index (ARI) measure has high diagnostic accuracy (AUC = 0.91) and a strong association with current diagnostic instruments, like the Autism Diagnostic Observation Schedule (ADOS-2). The improved algorithm developed and used by Autism EyesTM provides more accurate results and therefore positively affects therapeutic management.

Media Contact:
Dan Tarman, dtarman@perceptualadvisors.com