Affect Therapeutics, a McLean, VA-based company providing addiction treatment for the digital age, raised $16M in Series A funding.
The round was led by ARTIS Ventures with additional participation from previous investors AlleyCorp and CityLight, as well as new investments from LifeArc Ventures, Samsung Next, and What If Ventures. Stuart Peterson of ARTIS Ventures has joined the Board, and Dr. Imran Hamid of LifeArc Ventures joined the Board as an observer.
The company intends to use the funds to enable national expansion, program expansion, and engineering innovation in the Affect app.
Founded in 2020, Affect Therapeutics offers clinically intensive treatment that follows a scientifically-proven program supporting the entire recovery journey via a smartphone app for drug and alcohol addiction. The approach, based on the best research in the field including its own NIH-sponsored studies, combines experts at unlocking behavior change and motivation, with members receiving rewards for success in treatment, including engagement and provision of negative drug and alcohol screens. The company’s approach couples this type of cognitive behavioral therapy with counseling, medical oversight, and case management, delivering a comprehensive program based on decades of research.
Affect currently holds outpatient treatment licenses in 20 states and aims to serve a majority of the U.S. population by the end of 2023. The company partners with the largest health insurance payers in the country, including UnitedHealthcare, Aetna, Humana, Molina, and Centene.
FinSMEs
12/07/2023