The leading provider of VR-powered therapeutics for pain management, AppliedVR, has raised a Series B funding round of $36 million. F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures participated in the round, bringing the company’s total tally to $71 million.
AppliedVR develops virtual reality technology for several healthcare applications, such as chronic pain management, acute postoperative pain, and anxiety.
The company’s EaseVRx tool had received a Breakthrough Device designation from the Food and Drug Administration back in October 2020. The platform pairs a VR headset with visual and audio programs to facilitate cognitive behavioral therapy for patients struggling with fibromyalgia and chronic lower back pain.
The company intends to invest the fresh funds towards EaseVRx’s market launch, concluding pilots with payers, new product development, clinical studies, and its VR pharmacy platform.
“For too long, we’ve relied on the notion that people need to take pills or rely on surgery to feel better and lead a better quality of life. At AppliedVR, we’re building an unparalleled body of evidence for providers and payers to demonstrate that immersive therapeutics can fill the massive unmet need for patients who are frustrated by current treatment paradigms. And we are starting with chronic pain, one of the most complex, costly conditions,” said Co-founder and CEO Matthew Stoudt.
“Our goal is to make immersive therapeutics accessible to everyone, and this funding will help further expand our body of evidence, infrastructure, and distribution platform, enabling patients and providers to take advantage of this next-generation therapeutic – while also bringing down costs for payers,” he added.
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