AppliedVR banks $29Mn investment to accelerate VR-based healthcare

The company has also collaborated with UCSF to study the potential of VR & AR for improving healthcare for underserved populations

AppliedVR, a U.S. based firm geared towards advancing next generation healthcare solutions, has secured $29 million in series A funding round led by investors F-Prime Capital, Sway Ventures, JAZZ Venture Partners, Magnetic Ventures, GSR Ventures, and Cedars-Sinai.

Famed for providing VR-based treatments for chronic pain, AppliedVR is combining advanced cognitive behavioral therapies with mindfulness exercises. Recently, the company’s EaseVRx solution became the first VR (virtual reality) prescription therapeutic that attained Breakthrough Device Designation from the U.S. FDA for chronic intractable lower back pain and treatment-resistant fibromyalgia.

Matthew Stoudt, Co-Founder & CEO, AppliedVR, claims that chronic pain is said to be one of the most common medical conditions impacting patients worldwide. In spite of this, the condition is still complex to treat, severely impacts patients and is costly on the system.

Mr. Matthew affirmed that it is their firm’s mission to demonstrate that VR can come up as a viable analgesic. The COVID-19 pandemic has led to a surge in demand for digital therapies like VR that can be offered safely to patients at homes. He added that AppledVR is dedicated on improving the lives of people that are agonized by chronic pain by making VR a standard treatment option.

Notably, AppliedVR’s technology has already gained recognition by over 200 leading healthcare provider in the world, which include Geisinger and Cleveland Clinic that are advancing separate NIDA-funding trials to study VR as an opioid-sparing tool for chronic and acute pain.

Apart from this, AppliedVR has also collaborated with UCSF to study VR and AR can be used to improve healthcare for underserved populations. Furthermore, the company is partnering with multiple payers, testing VR as a cost-effective treatment for treating chronic pain.

Source Credit: https://www.businesswire.com/news/home/20210323005584/en/AppliedVR-Secures-29-Million-in-Series-A-Funding-to-Make-Virtual-Reality-the-Standard-of-Care-for-Chronic-Pain