Due to technical advancements, the digital therapeutics field has made significant progress, harnessing technology to enhance or replace traditional clinical therapy. While the digitising is not an easy job, especially in the physiotherapy sector, Germany based digital therapeutics company Kaia Health has managed to offer 2D motion tracking technology by digitising the entire process. In fact, the platform enables users to get real-time feedback on how they are performing exercises through their smartphone’s camera.
Now the startup has raised $26 million (approx €23 million) in Series B funding round. It brings total funds raised to date to $50 million (approx €44 million).
The round was led by Optum Ventures, Idinvest, and capital300 with participation from existing investors Balderton Capital and Heartcore Capital, as well as Symphony Ventures.
Kaia Founder and President Konstantin Mehl said: “Similar to the explosion we’ve seen in doctor to patient telehealth, the healthcare challenges arising from COVID has also highlighted the need for new care delivery models. This has accelerated the adoption of new approaches to care, such as those we’re developing at Kaia, which were already showing great promise. We are excited by the opportunity to drive our business forward given the heightened awareness of the merits of digital therapies among payers, companies, care providers and consumers, and the growing importance of delivering care in the home. We believe we are on the precipice of moving our solutions from the early adopter set to the mass market, and this funding will help us aggressively expand the reach and impact of our platform.”
Core digital therapy solutions
As per the company, the funding will be used to drive the growth of its core digital therapy solutions for people dealing with musculoskeletal (MSK) conditions related to joint and bone pains and fund expansion into new conditions such as COPD, where its digitally delivered multimodal therapy is also clinically effective.
The company will continue to invest in its proprietary technology and build on its standing as the industry leader in global 2D motion tracking – which enables users to get real-time feedback on exercise performance using their smartphone’s camera – while moving towards a 3D musculoskeletal model. Kaia also will continue investing heavily in clinical research, and expand its team to accelerate employer and health plan growth.
Served over 400,000 users in just 4 years
Founded in 2016, Kaia Health is a digital therapeutics company that creates accessible, evidence-based treatments for a range of disorders including back pain and COPD.
Working with experts in various medical fields, the company uses machine learning to deliver individualized app interventions that aim to empower and motivate patients to take control and self-manage their condition with digital alternatives from their home using devices they already own (i.e. smartphones and tablets).
The platform has served over 400,000 users in just four years since launch, and today is the most utilized global digital therapeutics platform.
“We see a tremendous need for digital therapeutic platforms that can treat chronic disease remotely, cost-effectively and at scale,” said Heather Roxborough, a partner at Optum Ventures. “We are encouraged by Kaia’s initial success addressing chronic pain and their expansion into COPD, as they help people simply and effectively manage chronic conditions using devices already in a patient’s homes, including smartphones and tablets. We look forward to supporting and working closely with Kaia’s team on their next phase of growth.”
Mehl concluded, “We are fortunate to have well-regarded new and existing investors believe in our ability to execute against our mission to bring best-in-class therapies to people living with chronic conditions around the world. We look forward to delivering on that opportunity.”
Main image credits: Kaia Health