MedRhythms, a Portland, Maine-based digital therapeutics company, raised a $5m Series A financing.
The round was led by Werth Family Investment Associates, with participation from investors, executives, and CEO, including a significant follow-on investment from Jean Hoffman, founder and former CEO of Putney Inc.
The company intends to use the proceeds to to hire software, product, and commercial professionals for the Portland, ME office, and launch a patent-pending digital therapeutics platform for walking.
Led by Brian Harris, CEO and Co-Founder, MedRhythms is a digital therapeutics company that is using sensors, artificial intelligence, and music to develop products that help people with neurologic injuries and diseases recover walking functions.
While the first product on the platform focuses on the post-stroke population, the pipeline includes products for Parkinson’s Disease, Multiple Sclerosis, Aging-In-Place, and Traumatic Brain Injury.
The MedRhythms platform is based on the neuroscience and clinical research indicating that music improves functional outcomes in neurologic rehabilitation by globally engaging the brain. Specifically, rhythm can engage the auditory system, generating motor responses and aiding in structural changes in the brain through neuroplasticity.
In conjunction with the financing, MedRhythms expands its board of directors from 3 to 5 members. Peter Werth will join the board as lead investor. Also joining the board is Ray Pawlicki, former Chief Information Officer for Biogen and Novartis and current board member for Harvard Pilgrim Healthcare, UMass Memorial, and RockStep Solutions. Jean Hoffman, CEO and Founder of Putney Inc, will remain on the board, while Bill McKee, former CFO of Barr Pharmaceuticals and Putney Inc, will join the board as an observer.