A leading force in digital therapeutics has successfully secured $10 million in a Series A funding round led by Balderton Capital. The funds will bolster the company’s efforts to address significant health challenges, particularly chronic conditions.
Expansion and Funding Utilisation
The investment will be instrumental in supporting the company’s expansion into the US market, including the establishment of a new office in New York City. Furthermore, the funds will facilitate additional clinical studies to validate and enhance its digital treatment solutions.
Since its inception in 2016, the company has rapidly gained traction with its innovative digital therapeutic solutions for various disorders, including back pain and chronic obstructive pulmonary disease (COPD).
Adoption and Impact
The company’s back pain application has reportedly been adopted by over 250,000 individuals across Europe and the US. This includes significant uptake from some of the largest health insurance companies in Europe, such as Germany’s largest, BARMER, which offers the service free to its members.
Developing cutting-edge machine learning and computer vision technology, the company aims to deliver affordable and clinically-validated alternatives to traditional painkillers, accessible via smartphones.
Innovative Features
The application provides users with a daily regimen comprising physical exercises, relaxation techniques, and medical educational content.
Adaptability is a key feature, as the proprietary algorithm customises the exercise programme based on individual user input.
Patent-pending motion tracking technology offers real-time audio feedback on the performance of physical exercises, guiding users to optimise their workout regime.
Global Health Implications
With back pain being one of the most prevalent medical issues globally, digital alternatives to conventional painkillers are urgently needed. In the United States alone, back pain affects an estimated 100 million people annually and is the primary reason for painkiller prescriptions.
The opioid crisis in the US has exacerbated the need for non-pharmaceutical interventions. In the United Kingdom, musculoskeletal issues account for 30% of all General Practitioner appointments, costing the National Health Service approximately £5 billion annually.
Support from Key Stakeholders
Konstantin Mehl, co-founder and CEO, highlighted the universal need for accessible and affordable digital therapy products. He noted that their innovative back pain application has the potential to improve treatment outcomes and reduce healthcare costs globally.
James Wise, a partner at Balderton Capital, expressed optimism about the company’s capacity to deliver high-quality, affordable healthcare solutions to millions of chronic pain sufferers from the comfort of their homes.
Partnerships and Collaborations
The company collaborates closely with medical professionals to ensure the efficacy and safety of its digital therapeutic products.
The company is also a member of the Digital Therapeutics Alliance, a global association committed to expanding access to evidence-based digital therapeutic solutions.
This significant financial infusion marks a pivotal moment for the digital therapeutics pioneer, enabling it to further its mission of providing accessible, effective, and affordable healthcare solutions. With strong backing from investors and a clear roadmap, the company is poised to make a substantial impact on global health.