DynamiCare Health, a Boston, Massachusetts-based digital health company, raised an additional $1.5m in seed funding.
The round, which brought total equity funding to $5.6m, was led by Early Light Ventures, with participation from a number of other investors, including existing investor Hyperplane Capital, physician-led MEDA Angels, Brown Angel Group, and leading mental health and addiction advocate, former U.S. Rep. Patrick J. Kennedy.
The company intends to use the funds for the rollout of its evidence-based program to help people overcome substance use among health plans, employers, government agencies, and the direct-to-consumer market.
Founded in 2016 by Eric Gastfriend, Harvard MBA tech executive, and his father, David R. Gastfriend, MD, an international expert in addiction psychiatry, DynamiCare provides a digital platform which aims to reinforce a person’s recovery from addiction by offering random breath and saliva tests through their phone; treatment attendance check-ins verified by GPS; supportive telehealth recovery coaching; and rewards for healthy progress with deposits on a smart debit card that blocks cash withdrawals and spending at bars and liquor stores. The company says it has validated its effectiveness in 3 published clinical trials demonstrating 2-3x improvements in quit rates across drugs, alcohol, and tobacco. DynamiCare’s digital care program is already being used by major health, health systems, and research universities across the country.
The company has won numerous awards totaling over $3M, including three grants from the National Institutes of Health (NIH), Gov. John Kasich’s Ohio Opioid Technology Challenge, and a MassVentures START Phase I Grant. It is an alum of the MassChallenge HealthTech accelerator, where it won the Platinum Award from Anthem in its Fast-Track to Scale program.
FinSMEs
30/07/2021