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AppliedVR Raises $29 Million, Plans to Pursue FDA Approval for Latest Virtual Reality Pain Management Technology

AppliedVR, an LA-based startup that offers therapeutic virtual reality tech for pain management, announced on Tuesday, March 23 2021 that they have secured a $29 million fund. The company aims to use the funding to pursue FDA approval for their new pain management VR tech built on cognitive behavioral therapy. The primary Series A financing includes JAZZ Venture Partners, F-Prime Capital, GSR Ventures, Sway Ventures, Cedars-Sinai, and Magnetic Ventures. This brings their total funding up to a stellar $35 million to date.

Leading In Pain Management

The company, founded back in 2015, is one of the leading pain management tech startups in today’s VR industry. As an emerging organization, AppliedVR aims to pioneer virtual reality therapeutics, also known as VRx that would effectively address the unsatisfied needs of patients and improve medical outcomes for people suffering from complex, intractable health conditions. With their trailblazing technology, the company seeks to envision a new era in which cutting-edge solutions for treating patients will be widely welcomed and accessible for people from all strata. For this purpose, they are determined to combine pain management technology with virtual reality therapeutics, and open up newer avenues for scientific discovery and improve the lives of as many people as possible. As a part of the process, they plan to develop their product pipeline, conduct further payer pilots, as well as build their clinical, sales, and marketing teams with the current funding.

Based on mindfulness training and cognitive behavioral therapy, AppliedVR’s EaseVRx solution has recently obtained Breakthrough Device Designation from the FDA for treating unmanageable lower back pain and treatment-resistant fibromyalgia. Conventionally, these problems are treated by opioids. But, with the EaseVRx, a new opportunity seems emergent in the field of pain management.

Applied VR
Applied VR

Difficult To Treat

Matthew Stoudt, CEO, and co-founder of AppliedVR remarked that chronic pain is one of the most prevalent medical conditions in the whole world. Yet, it persists to be an incredibly incapacitating problem among patients. At the same time, it is difficult to treat and costly to the existing medical system. He said that AppliedVR’s mission has been demonstrating the fact that virtual reality can be an effective analgesic in every setting. The ongoing COVID-19 pandemic has created a huge demand for digital medicines such as virtual reality that can be safely and securely delivered to people in their homes. In this regard, the projected VR pain management technology has all the potential to gain popularity in the current environment and also can prove to be particularly useful for patients suffering from incurable chronic pains, stated Stoudt.

Exceed Expectations

To date, the VR tech company has worked with more than 200 organizations that provide healthcare and clinical facilities. The list includes prominent organizations, such as the University of California at San Francisco (UCSF), Geisinger, and Cleveland Clinic. In a recently released press statement, the company has mentioned that their VR pain management technology has been used to treat over 60,000 patients to manage their treatment expectations.

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