Kaia Health, a digital therapeutics company based in Munich, Germany, has raised $10 million in a Series A funding round for its apps that use AI and motion-tracking technology to manage chronic back pain and chronic obstructive pulmonary disease (COPD), according to a report by VentureBeat.
The funding round was led by Balderton Capital and brings the company’s total raised to $14 million, following a $4 million seed round in June 2016. Though the company’s back pain app has already been used by 250,000 people in Europe and the United States, the funding will be used for a broader rollout of the app in the U.S., according to a report by Crunchbase News.
“Over the last twelve months, we’ve demonstrated a universal, unmet need for affordable and accessible digital therapy products, such as our world’s first computer vision-powered back pain app,” Konstantin Mehl, Kaia Health founder and chief executive officer, told VentureBeat. “These improve treatment paths for patients and reduce costs for payers in healthcare around the globe. Balderton’s investment will support the next stage of our journey, as we expand across the U.S., undertake further clinical studies, and cement our position as a global leader in the digital healthcare market.”
Kaia Health first launched in the United States last September after successful launches in Germany and the U.K. The company’s two smartphone apps offer interactive, multimodal therapy for chronic back pain and COPD, which the company says serve as cheaper and clinically-validated alternatives to painkillers.
“We have to deal with a problem such as back pain with easily accessible and effective care,” Mehl told VentureBeat.
To read the full report, click the link below.
Danielle covers Clinical Innovation & Technology as a senior news writer for TriMed Media. Previously, she worked as a news reporter in northeast Missouri and earned a journalism degree from the University of Illinois at Urbana-Champaign. She's also a huge fan of the Chicago Cubs, Bears and Bulls.