AppliedVR Raises $36M in Series B and Granted FDA Approval
AppliedVR is pioneering the way for Virtual Reality therapeutics, addressing unmet needs while improving clinical outcomes for patients with serious health conditions. Their immersive technologies can be applied in clinics or in the comfort of your own home, helping to address those suffering from ailments like chronic pain or anxiety.
Since its founding in 2015, AppliedVR has delivered scientifically designed and validated digital health solutions to over 20,000 patients in more than 250 hospitals and in 8 countries globally.
AppliedVR is the first to collaborate clinical trials with leading healthcare institutions. With 10 active studies going and 8 published, they are bringing unprecedented research and scientific rigor to virtual reality therapeutics.
The company has raised a total of $71M in funding over 3 rounds since 2016, their latest funding being $36M Series B on November 11, 2021 (F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures). The funding will help launch a new VR platform and help with more clinical research on treating other forms of acute/chronic pains, proving as an effective opioid-free alternative.
The funding couldn’t have come at a better time. Just a few days after their Series B announcement, AppliedVR’s EaseVRx device was granted FDA Approval. The device uses cognitive behavioral therapy and therapeutic techniques to guide patients through VR experiences that help reduce chronic back pain.
EaseVRx is for prescription use only by patients aged 18+, who have been diagnosed with severe to moderate back pain lasting over 3 months. FDA approval was backed by two clinical trials, both proving EaseVRx as a scalable and effective pain treatment. The first trial followed 100 patients for 21 days. After the trial, patients reported a significantly higher reduction in pain, as well as improvements in sleep, mood, and stress. The second trial (placebo) followed 179 patients throughout the full 8-week program, EaseVRx outperformed the placebo with at least 40% improvement in pain, mood, stress, and sleep. Additionally, the patients in the trial reduced their use of over-the-counter pain medications, while those in the placebo did not.
With their new FDA approval, Applied VR can now begin to market their technologies within the U.S.
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