XRHealth, a virtual reality health application and services startup, has raised $7 million in a new funding round. The raise comes from Bridges Israel, Flint Capital and 20/20 HealthCare Partners.
WHAT THEY DO
The startup, which previously went by the name VRHealth, has developed a number of health applications for its VR platform. These offerings include virtual experiences for pain management, hot flashes, stress, motor function and cognitive assessment.
Last year the company opened up its platform to third-party developers. Within the past couple of months it launched its first VR telehealth clinic.
“Telehealth has emerged on the medical scene as a crucial medium of care for patients throughout the world,” Eran Orr, CEO of XRHealth, said in a statement. “Virtual and augmented reality technologies offer a unique platform for patients to be treated since they are immersed in a world that is designed completely to help them heal. We have taken this a step further, by adding support groups and virtual clinics so that anyone can receive the care they need, no matter where they are.”
WHAT IT’S FOR
XRHealth wrote in its announcement that the new funds would help expand the new telehealth platform so that it can reach more clinicians and patients during the COVID-19 crisis.
MARKET SNAPSHOT
With its efficacy established, a number of health startups are now looking to employ VR in care. Some, like FundamentalVR, use the technology as an educational platform for surgeons – and recently picked up $5.67 million in a Series A round. Karuna Labs, meanwhile, collected $3 million in September for its pain-management offerings.
ON THE RECORD
“We at Bridges are very impressed by the XRHealth team and its innovative solution that represents an excellent example of an ‘Impact tech’ investment,” Gal Gayut, managing partner at Bridges Israel, said in a statement. “We expect XRHealth to have an important role in improving healthcare practices and outcome. XRHealth platforms’ unique capabilities can change the future of medicine as some of its core characteristics address critical challenges of current practices. We are confident that a wide implementation of its platform will improve therapy accessibility, efficacy and affordability to address variety of physical and mental conditions.”
