Virtual reality

AppliedVR nabs $36M to scale up virtual reality platform to support more health conditions – FierceHealthcare

Summary

As it builds more evidence to support its virtual reality therapeutic for managing pain, startup AppliedVR picked up $36 million in fresh funding to fuel its growth.

The Los Angeles-based company also is awaiting a decision from the Food and Drug Administration (FDA) on its first de novo submission. The company is preparing for full market launch of its flagship product, EaseVRx, after FDA approval.

With this funding, AppliedVR also has its sights set on additional payer pil…….

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As it builds more evidence to support its virtual reality therapeutic for managing pain, startup AppliedVR picked up $36 million in fresh funding to fuel its growth.

The Los Angeles-based company also is awaiting a decision from the Food and Drug Administration (FDA) on its first de novo submission. The company is preparing for full market launch of its flagship product, EaseVRx, after FDA approval.

With this funding, AppliedVR also has its sights set on additional payer pilots, building out its product pipeline, conducting more clinical research and continuing to build its VR pharmacy platform, executives said.

The series B funding included investments from F-Prime Capital, JAZZ Venture Partners, Sway Ventures and SVB Ventures. The company has raised $71 million to date.

“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,” said Matthew Stoudt, co-founder and CEO of AppliedVR, in a statement.

RELATED: VR can help underserved patients, but reimbursement challenges stymie broader adoption, study finds

AppliedVR’s goal is to make immersive therapeutics accessible to everyone, he said, “and this funding will help further expand our body of evidence, infrastructure and distribution platform, enabling patients and providers to take advantage of this next-generation therapeutic—while also bringing down costs for payers.”

AppliedVR’s platform has been used by more than 30,000 patients in more than 240 of the top health systems globally. Its flagship product for chronic pain, EaseVRx, recently became the first VR prescription therapeutic to receive FDA breakthrough-device designation for treatment-resistant fibromyalgia and chronic intractable lower back pain.

The company’s VR platform—which uses goggles and headsets to create an immersive, 3D virtual world—has been aimed at alleviating everything from labor pains during childbirth to the pain from burns to discomfort experienced undergoing infusions for cancer treatment.

Company executives say AppliedVR’s platform comprehensively addresses multiple pain indicators, leading to people reporting reductions in pain and associated interference of daily life both immediately and for several months after treatment is completed. People suffering from pain follow a science-backed, clinically validated curriculum of immersive VR programming to reduce their pain and help them learn skills for managing pain in the real world.

RELATED: AppliedVR taps Curebase to run at-home clinical trials testing VR for pain treatment

“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 …….

Source: https://www.fiercehealthcare.com/tech/appliedvr-nabs-36m-to-scale-up-virtual-reality-platform-to-support-more-health-conditions