AppliedVR, a virtual reality pain management startup, today announced it has secured $29 million in funding, something it aims to use in pursuit of FDA approval for its cognitive behavioral therapy-based pain management tech.
The Series A financing round includes F-Prime Capital, JAZZ Venture Partners, Sway Ventures, GSR Ventures, Magnetic Ventures, and Cedars-Sinai, bringing its total funds raised to date to $35 million.
Founded in 2015 in LA, the company is also hoping to use its latest funding round to conduct more payer pilots, develop its product pipeline, and build out its clinical, marketing and sales teams.
Based on cognitive behavioral therapies and mindfulness training, the company’s EaseVRx solution recently received Breakthrough Device Designation from the FDA for treatment-resistant fibromyalgia and chronic intractable lower back pain, something that is typically treated by prescribing opioids.
“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,” said Matthew Stoudt, co-founder and CEO of AppliedVR. “While our mission has always been to demonstrate that VR can be a powerful analgesic 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.”
AppliedVR has worked with over 200 healthcare provider organizations across the globe, including Geisinger, Cleveland Clinic, and the University of California at San Francisco (UCSF). The company says in a press statement that its program has been used to help “more than 60,000 patients to manage their expectations of pain.”