US-based digital therapeutics software developer Pear Therapeutics closed a $50m series B round featuring pharmaceuticals producer Novartis yesterday.
The round was led by Singaporean state-owned investment firm Temasek and featured EDBI, an investment arm of the Singapore Economic Development Board, as well as 5AM Ventures, Arboretum Ventures and Bridge Builders Collaborative.
Pear has created a prescription-level neurobehavioural software platform to support treatment of drug use disorders. The product, which tracks cravings and relapses, was cleared by US healthcare regulator the Food and Drug Administration in September 2017.
The company also plans to release a treatment for opioid misuse. It will use the cash to commercialise its first two products and develop additional therapies for conditions such as schizophrenia, combat post-traumatic stress disorder and insomnia.
Pear had previously closed a $20m funding round in 2016 co-led by 5AM, Arboretum and Jazz Venture Partners that included Bridge Builders and undisclosed additional backers. 5AM had also led the company’s 2015 seed round.
Corey McCann, president and chief executive of Pear Therapeutics, said: “At Pear, 2017 was a year filled with noteworthy achievements. Our team made significant strides in advancing our pipeline of prescription digital therapeutics.
“This latest financing recognises the strides we have made in proving the clinical utility and commercial viability of prescription digital therapeutics.”