What You Should Know:
– AppliedVR, a Los Angeles, CA-based company advancing the next generation of digital medicine, today announced $29 million in Series A funding, bringing its total funds raised to date to $35 million. The round, which includes key investors F-Prime Capital, JAZZ Venture Partners, Sway Ventures, GSR Ventures, Magnetic Ventures and Cedars-Sinai, will fuel the company’s growth as it pursues full FDA approval over the next year.
– Founded in 2015, AppliedVR provides virtual reality-based treatments aimed at comprehensively treating chronic pain. Combining well-established cognitive behavioral therapies with mindfulness exercises, the company’s EaseVRx solution recently became the first virtual reality (VR) prescription therapeutic to receive Breakthrough Device Designation from the FDA for treatment-resistant fibromyalgia and chronic intractable lower back pain.
– AppliedVR’s technology is already trusted 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 company also just released results from its pivotal eight-week randomized clinical trial, finding that the EaseVRx device produced “clinically meaningful” improvement in multiple pain outcomes, and had high participant satisfaction and engagement.