Pear Therapeutics, Inc., a Boston, MA-based prescription digital therapeutics company, closed an $80m Series D financing.
The round was led by SoftBank Vision Fund 2 with participation from existing investors including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI, and new investors, Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management. In conjunction with the financing, Nancy Schlichting, retired Chief Executive Officer, Henry Ford Health System, and Board Director at Walgreens Boots Alliance and Hill-Rom Holdings, Inc., and Elena Viboch, an investor at SoftBank Investment Advisers, will join Pear’s Board of Directors. Kirthiga Reddy, Partner at SoftBank Investment Advisers, will contribute as a Board Observer.
The company intends to use the funds to continue to invest in the launch of its three commercial products to accelerate revenue growth, which they intend to reinvest in their pipeline and platform.
Led by Corey McCann, M.D., Ph.D., President and CEO, Pear Therapeutics is a leader in prescription digital therapeutics, or PDTs. The company has a pipeline of products and product candidates across therapeutic areas, including the first three PDTs with disease treatment claims from FDA. Its lead product, reSET®, for the treatment of Substance Use Disorder, was the first PDT to receive marketing authorization from FDA to treat disease. The second product, reSET-O®, for the treatment of Opioid Use Disorder, was the first PDT to receive Breakthrough Designation. Pear’s third product, Somryst™, for the treatment of chronic insomnia, was the first PDT submitted through FDA’s traditional 510(k) pathway while simultaneously reviewed through FDA’s Software Precertification Pilot Program.