AppliedVR, a virtual reality startup based in California, has raised $36 million to disrupt the healthcare industry by developing the next generation of immersive therapeutics.
The Series B funding round brings the total funding raised by the startup to $71 million. It counted with participation from F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures. Zack Lynch, co-founder and Managing Director of JAZZ Venture Partners, referred to the firm’s decision to participate by stating:
“Virtual reality is now a smart, practical and effective therapy for healthcare because of innovations from companies like AppliedVR. As the pandemic demonstrated, the U.S. healthcare system desperately needs more care access through scalable solutions that are available in people’s homes, and potent therapeutics delivered with VR are a perfect solution. As the market leader in developing virtual reality-based prescription digital therapies, we are delighted to be backing such an exceptional team at AppliedVR.”
AppliedVR was founded with the mission to harvest the power of virtual reality to develop new therapeutic treatments for chronic pain. The startup published the results of its eight-week randomized clinical trial, which showed its technology was successful at improving multiple pain outcomes in a “clinical meaningful” manner. Matthew Stoudt, co-founder and CEO of AppliedVR, said about this approach:
“For too long, we’ve relied on the notion that people need to take pills or rely on surgery to feel better and lead a better quality of life. At AppliedVR, we’re building an unparalleled body of evidence for providers and payers to demonstrate that immersive therapeutics can fill the massive unmet need for patients who are frustrated by current treatment paradigms. And, we are starting with chronic pain, one of the most complex, costly conditions.”
Chronic pain is estimated to result in more than $635 billion in costs every year in the United States, becoming an increasingly troublesome problem as a result of the COVID19 pandemic. By making non-pharmaceutical treatments available to patients from the comfort of their own homes, AppliedVR could help millions of patients improve their quality of life.