As AppliedVR pursues the FDA clearance of its VR platform for pain relief, it raised $29M in funding.

Founded in 2013, AppliedVR develops digital therapeutics to treat chronic pain using virtual reality. Rather than concentrating on virtual reality as a physical therapy device, AppliedVR designs self-guided programs with thoughtful pain education and exercises. The company received a device designation from the FDA in 2020 and recently shared crucial trial results to submit to the regulator. A randomized, controlled experiment found that its 8-week program led to a 42% decline in pain intensity for people with chronic lower back pain.

AppliedVR plans to utilize the funds to advance through its FDA pathway and administer payer pilots to prove its solution is cost-effective. The company also plans to strengthen its product pipeline further and hires employees across its marketing, sales, and clinical teams. Investors F-Prime Capital, Sway Ventures, JAZZ Venture Partners, GSR Ventures, Cedars Sinai, and Magnetic Ventures participated in the funding series.

“We’re big believers in the potential for digital therapeutics to transform outcomes for patients with challenging conditions, and we have been closely evaluating the market for solutions for some time. AppliedVR stood out as a great choice for our first prescription digital therapeutics investment.” – Jon Lim, a Partner, F-Prime Capital.

AppliedVR is also running a separate trial with Geisinger and Cleveland Clinic to check if the platform could be used to reduce opioid use in treating both acute and chronic pain.

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