US-based digital medicine developer AppliedVR has received $29m in a series A round that included healthcare provider Cedars-Sinai, increasing its overall funding to $35m.
The round also featured F-Prime Capital, a venture capital subsidiary of investment and financial services group Fidelity, as well as Jazz Venture Partners, Sway Ventures, GSR Ventures and Magnetic Ventures.
AppliedVR is developing virtual reality treatments utilising behavioural therapy and mindfulness to help patients adjust to chronic pain, and has a research partnership in place with University of California at San Francisco.
The company, which has not revealed details of its earlier funding, will use the series A proceeds to support the pursuit of regulatory approval for EaseVRx, a system designed to treat fibromyalgia and lower back pain.
Matthew Stoudt, of AppliedVR’s co-founder and chief executive, said: “Chronic pain is one of the most common medical conditions in the world, yet it still is incredibly debilitating to patients, costly to the system and complex to treat.
“While our mission has always been to demonstrate that VR can be a powerful analgaesic in any setting, the covid-19 pandemic has created a surge in demand for digital medicines like VR that can be delivered safely to patients in their own homes.”
