AppliedVR raised $36 million in funding as it seeks to clear its first digital therapy from scratch. Image source: AppliedVR
AppliedVR closed another round of funding because it is seeking approval from the U.S. Food and Drug Administration for its first digital therapy. The company aims to use VR for pain management and recently completed a $36 million Series B financing.
The company has breakthrough designations for two digital therapies: VR-based procedures for the treatment of resistant fibromyalgia and chronic intractable low back pain.It recently submitted a de novo application to the FDA After completing key research Its chronic low back pain plan.
AppliedVR’s program is based on pain management technology. For example, a person may perform guided breathing exercises, reflected in a virtual natural scene.
The company started in the hospital and used VR more widely for pain management. In the early days, it worked with Cedars Sinai to determine whether VR headsets can be used in hospital environments. The startup said that it has worked with 200 health systems so far.
AppliedVR has raised a total of US$71 million to date, and its latest round of financing includes investments from F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures.
“Due to the innovation of companies such as AppliedVR, virtual reality is now a smart, practical and effective healthcare therapy,” said Zach Lynch, managing director of JAZZ Venture Partners, in a press conference. “As the pandemic has shown, the U.S. healthcare system urgently needs to get more care opportunities through scalable solutions available in people’s homes, and the effective therapy provided by VR is a perfect solution.”
AppliedVR plans to use the funds to prepare for the market launch of its first digital therapy EaseVRx. It also plans to complete more pilots with payers, conduct more clinical studies, and establish its product pipeline.
