Virtual reality has made gaming a whole lot more fun, but recent advancements in VR tech have taken the hardware to new heights. Los Angeles-based startup AppliedVR is using its own immersive VR programming to improve the lives of people living with chronic pain. Now the company is receiving a fresh investment to move forward on its healing mission.
“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,” Matthew Stoudt, co-founder and CEO of AppliedVR, said in a statement.
The company announced Thursday that it raised $36 million in a Series B financing round. The fresh capital will help the company further expand its body of clinical evidence as well as the distribution of its proprietary tech.
An estimated 116 million adults experience chronic pain in the United States. All told, the medical concern costs the country up to $635 billion each year in medical treatment and lost productivity, according to a report by the Institute of Medicine of the National Academies.
It might sound a bit too good to be true, but research shows VR can be used to regulate both the sensory and emotional aspects of pain processing. The tool could be seen as a preferable option to hard-hitting prescription drugs as the U.S. opioid epidemic continues to claim lives daily.
AppliedVR has served more than 60,000 patients to date, according to the company.
“Our goal is to make immersive therapeutics accessible to everyone,” Stoudt continued.
In October of last year, AppliedVR’s flagship product became the first VR prescription therapeutic to receive FDA Breakthrough Device Designation, according to the company. The therapeutic program can be used to help those living with treatment-resistant fibromyalgia and chronic lower back pain.
“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,” Stoudt said.
In February, the company released results from an eight-week long randomized clinical trial that found its device produced “clinically meaningful” improvement in multiple pain outcomes. AppliedVR’s tech can be used by patients at home or by medical professionals in clinical settings.
Following the latest raise, the company plans to expand its team. AppliedVR is now hiring for six tech positions, with a majority of roles available on its engineering team.
