What You Should Know:
– Digital therapeutics company Kaia Health raises $26M in Series B funding to help grow its digital therapy solutions for musculoskeletal (MSK) conditions, and expand into new conditions.
– The investment was led by Optum Ventures, Idinvest and capital300, plus participation from Balderton Capital, Heartcore Capital and Symphony Ventures, an investment partnership with world #1 golfer Rory McIlroy.
– Kaia Health’s smartphone-based approach to managing chronic conditions uses a proprietary 2D motion tracking technology which, when combined with the platform’s psychological and educational support, has been clinically proven to outperform conventional therapy, as shown in three published peer-reviewed clinical trials.
Kaia Health, a digital therapeutics company focused on helping people manage chronic conditions, today announced that it closed a $26 million Series B funding round, bringing its total funds raised to date to $50 million. The round was led by Optum Ventures, Idinvest, and capital300 with participation from existing investors Balderton Capital and Heartcore Capital, as well as Symphony Ventures (an investment partnership with world #1 golfer Rory McIlroy).
The Gold Standard in Pain Therapy – Digitalized
A sedentary lifestyle and long office hours take their toll with 11.4 workdays lost per person on average, according to the US Bone and Joint Initiative. Founded in 2016, Kaia Health utilizes multimodal therapy, which combines physical, psychological and educational elements to relieve back pain at home, without medication. Kaia Health’s world-leading smartphone-based 2D motion tracking solution named Motion Coach enables users to get real-time feedback on their exercise performance using their smartphone’s camera, which, when taken together with the platform’s psychological and educational support has been proven to outperform conventional therapy.
Drive Growth of Core Digital Therapy Solutions
Kaia Health will use the proceeds to drive the growth of its core digital therapy solutions for people managing musculoskeletal (MSK) conditions, and fund expansion into new conditions such as COPD, where its digitally delivered multi-modal therapy is also clinically effective. The platform has served over 400,000 users in just four years since launch, and today is the most utilized global digital therapeutics platform.
The company will continue to invest in its proprietary technology and build on its standing as the industry leader in global 2D motion tracking – which enables users to get real-time feedback on exercise performance using their smartphone’s camera – while moving towards a 3D musculoskeletal model. Kaia also will continue investing heavily in clinical research, and expand its team to accelerate employer and health plan growth.
“Similar to the explosion we’ve seen in doctor to patient telehealth, the healthcare challenges arising from COVID has also highlighted the need for new care delivery models,” said Kaia Founder and President Konstantin Mehl. “This has accelerated adoption of new approaches to care, such as those we’re developing at Kaia, which were already showing great promise. We are excited by the opportunity to drive our business forward given heightened awareness of the merits of digital therapies among payers, companies, care providers and consumers, and the growing importance of delivering care in the home. We believe we are on the precipice of moving our solutions from the early adopter set to mass market, and this funding will help us aggressively expand the reach and impact of our platform.”