Pear Therapeutics, a prescription digital therapeutics (PDTs) provider, announced the second closing of its Series D financing.
The second closing included Integrated Delivery Network (IDN) as a new strategic investor. The national IDN is investing $20 million, bringing the total Series D investment to $100 million.
Including the latest funding, Pear Therapeutics has now raised over $300 million to date. The company plans to use the latest funds to accelerate reimbursement coverage for its three FDA-authorized products.
According to the company, more than 20 million patients suffer from substance and opioid use disorders, and more than 30 million from chronic insomnia in the U.S. alone. These diseases are on the rise as the pandemic has exacerbated the country’s mental health crises, the company said.
Pear Therapeutics offers clinically validated software-based digital therapeutics for addiction and insomnia conditions. Unlike traditional medicines, PDTs are designed to collect real-world data for use by prescribing clinicians, and for population health management by payors and health systems, the company said. PDTs are dispensed via a clinician’s prescription for use either alone or in combination with pharmaceuticals. They are designed to be reimbursed by insurance providers using pathways traditionally associated with pharmaceuticals and therapeutic medical devices.
“Pear is pleased to add one of America’s leading health care providers and health plans to our distinguished list of investors as we continue to expand patient access to our FDA-authorized digital therapeutics,” said Corey McCann, M.D., Ph.D., President, and CEO of Pear Therapeutics. “This investment from a market-leading IDN in the next generation of medicine supports our mission to be the leading platform-based, product-driven PDT company.”
Telehealth companies secured a record $4.3 billion VC funding during 2020. The funding amount was a 140% increase in 2020, compared to $1.8 billion raised in 2019. Recently, January AI, a telehealth program for a healthy metabolism, raised $8.8 million in a new funding round, bringing its total capital raised to $21 million.