AppliedVR, a Los Angeles, CA-based digital medicine company, raised $29m in Series A funding.
The round, which brought total funding raised to date to $35m, included investors such as F-Prime Capital, JAZZ Venture Partners, Sway Ventures, GSR Ventures, Magnetic Ventures and Cedars-Sinai.
The company intends to use the funds to accelerate growth as it pursues full FDA approval over the next year.
Led by Matthew Stoudt, co-founder and CEO, AppliedVR provides virtual reality-based treatments aimed at comprehensively treating chronic pain. Combining cognitive behavioral therapies with mindfulness exercises, the company’s EaseVRx solution recently received Breakthrough Device Designation from the FDA for treatment-resistant fibromyalgia and chronic intractable lower back pain.
AppliedVR’s technology is already used by more than 200 of the top healthcare provider organizations in the world, including Geisinger and Cleveland Clinic, who are advancing separate NIDA-funding clinical trials to study VR as an opioid-sparing tool for acute and chronic pain. The company also has partnered with University of California at San Francisco (UCSF) to study how digital therapeutic platforms, including virtual and augmented reality, can be used to improve care access for underserved populations. AppliedVR also is engaged with multiple payers, testing VR as a cost-effective solution for treating chronic pain.
The program has been used to help more than 60,000 patients to manage their expectations of pain.