Digital therapeutics company Kaia Health has successfully raised $10m in Series A round funding led by Balderton Capital.
Kaia Health plans to use the raised funds to tackle some of the most urgent health challenges, including a range of chronic pain conditions.
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The investment will fund further clinical studies and support Kaia Health’s expansion in the US, including a new office in New York.
Kaia Health co-founder and CEO Konstantin Mehl said: “Over the last 12 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. 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 US, undertake further clinical studies and cement our position as a global leader in the digital healthcare market.”
Kaia Health launched in 2016 and has since created scientifically-validated digital treatments for a range of disorders including back pain and chronic obstructive pulmonary disease. The company’s back pain app is currently the world leader in its market and has been used by over 250,000 individuals as well as organisations across Europe and the US, such as Barmer, Germany’s largest health insurance company, which offers the app as a free service to its members. The app features a daily plan of physical exercises, relaxation techniques and medical education.
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By GlobalDataKaia Health also develops machine learning and computer vision technology and works with medical experts to create a home-based, cheaper and clinically-validated alternative to painkillers, delivered through a smartphone.
Therapy can be tailored to each Kaia Health app user through a proprietary algorithm which adapts the exercise program to that individual’s input. Patent-pending motion tracking technology can monitor users and provide real-time audio feedback on patients’ exercise performance.
In the UK, 30% of all GP appointments are related to musculoskeletal (MSK) conditions, which costs the NHS around £5bn a year. Kaia Health argues that reducing the need to prescribe painkillers and the number of MSK interventions isn’t just a beneficial outcome for patients, but could also release a large amount of resources for use elsewhere in health institutions.
Barmer board member Dr Mani Rafii said: “We have to deal with a problem such as back pain with easily accessible and effective care. The bespoke training with Kaia is straightforward and applicable. Relaxation units and information modules can be used at home or on the go, making the holistic therapy ideal for everyday use.”
Balderton Capital partner James Wise added: “Providing high-quality and affordable healthcare for everyone is an urgent issue. Kaia Health is helping to tackle this through its revolutionary technology, which we believe could offer millions of chronic-pain sufferers best-in-class clinical solutions from the comfort of their own homes.
“We look forward to being able to support Kaia on their mission to put treatment and pain management into the hands of patients and improve lives.”
