VR Pain Therapy Startup Gets Millions in Investments
The startup AppliedVR has been working on non-drug pain management using virtual reality for the past six years. Thanks to a fresh infusion of millions of dollars in investments, the startup is now pursuing approval for the US market from next year.
AppliedVR received a Series A funding of $29 million. Participating in this investment round included Jazz Ventures Partners, Sway Ventures, F-Prime, GSR Ventures, Magnetic Ventures, and Cedars-Sinai. Since its founding in 2015, the startup has so far raised $35 million.
Applied VR uses a combination of virtual reality and cognitive behavioral therapy as well as meditation exercises. After performing a successful first control study, its EaseVRx therapy package got special approval from the US FDA. This approval will enable people suffering from extremely debilitating or critical medical conditions to gain access to the new VR-based experimental therapies. The VR therapy has been approved for patients who are suffering from fibromyalgia (muscular rheumatism) and chronic back pains.
The startup also did an eight-week clinical study which showed that its therapy brings about a noticeable relief in pain sensation in patients.
The VR Therapy is Safe and Easy to Use
AppliedVR is seeing two benefits in VR pain management. Its method is non-drug based and is therefore easy to use and potentially cost-saving. Secondly, its therapy package can safely be used at home by patients at any time. The patient doesn’t have to visit a doctor at the hospital.
The fresh infusion of investments should accelerate approval of its product in the US. The startup is intending to use the capital to advance its quest for full FDA approval of its EaseVRx therapy package, to prepare for market launch, and to conduct further studies to prove the effectiveness of its therapy. Additionally, the startup is also planning to expand its product portfolio.
AppliedVR also works with over 200 healthcare providers. The startup has also partnered with the University of California at Francisco and they are collaborating together on researching how digital therapies make it easier for the underserved population to access affordable healthcare services. According to AppliedVR, over 60,000 patients have already benefitted from its VR therapy.