MedRhythms, a Portland-based digital therapeutics startup, has raised $25 million in a Series B funding round that will allow it to continue developing prescription digital therapeutics.
The funding round was co-led by Morningside Ventures and Advantage Capital, with existing investor Werth Family Investment Associates also participating. The round brings the total finance received by the startup to $34 million since being founded in 2013.
The proceeds from the Series B round will be used by the startup to expand its team and key corporate functions, according to the statement. Brian Harris, Co-Founder & Chief Executive Officer, referred to the funding round by stating:
“We are delighted to welcome a top-tier group of leading healthcare investors that will support the company to advance the development of our pipeline of prescription digital therapeutics. We have made tremendous progress since founding the Company, and this financing reflects strong support for our platform, people, strategy, and, most importantly, our mission. This investment positions us to be able to bring our chronic stroke asset to market, advance our pipeline and further realize our vision of making a significant impact in the world.”
MedRhythms’ mission is to allow the use of sensors, software, and music to measure and improve walking for patients that have suffered neurologic damage as a result of injuries or diseases by using Rhythmic Auditory Stimulation to target neural pathways that control movement. In the words of Stephen Bruso of Morningside Ventures:
“MedRhythms is at the forefront of the next generation of digital therapeutics and is transforming healthcare which will improve the lives of millions of patients worldwide. The company’s leadership position and its breakthrough digital therapeutics pipeline make MedRhythms a pioneer in the industry. The company’s mission and vision for disrupting healthcare and positively impacting patient outcomes align with our investment strategy, and we are excited to welcome MedRhythms into our portfolio.”
The digital therapeutics startup has been the receiver of the U.S. Food and Drug Administration’s (FDA) “Breakthrough Device” designation, which provides the company with the option to interact with the FDA’s experts to expedite the review phase.