Marigold Health, a Boston, MA-based digital health startup, raised $6m in seed funding.
The round was led by KdT Ventures and Felicis Ventures with participation from Flare Capital Partners, Epsilon Health Investors, Tau Ventures, SpringTide Investments, and Stand Together Ventures.
The company intends to use the funds to build its peer workforce and enter new states:
Led by Shrenik Jain, CEO, Marigold provides a virtual program that specializes in using peers, trained individuals in recovery from a substance use or mental health condition, to support others on a similar journey. The novel technology innovates on traditional one-on-one peer coaching by giving patients 24/7 access to support from each other through text-based group chats.
The company designed and patented novel natural language processing (NLP) technology to aid peers to moderate their online community. A Phase I study funded by the National Institute on Drug Abuse of 50 patients receiving treatment for Opioid Use Disorder (OUD) saw broad uptake of and strong retention on the Marigold app; 64% of participants used the app daily throughout the 2-month study period.