Pear Therapeutics, a prescription digital therapeutics (PDTs) provider, closed an $80 million Series D financing round.
SoftBank Vision Fund 21 led the round, with participation from existing investors including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI.
New investors include Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management.
As part of the funding, Nancy Schlichting, retired Chief Executive Officer of Henry Ford Health System and Board Director at Walgreens Boots Alliance and Hill-Rom Holdings, and Elena Viboch, an investor, SoftBank Investment Advisers, will join the company’s Board of Directors.
“This oversubscribed round of funding will allow us to continue to invest in the launches of our three commercial products to accelerate revenue growth, which we intend to reinvest in our robust pipeline and platform,” said Corey McCann, M.D., Ph.D., President, and CEO of Pear Therapeutics.
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.
Launched in 2013, Pear Therapeutics develops software-based disease treatments by using a biopharmaceutical approach. According to the company, prescription digital therapeutic is developed based on randomized clinical trials that generate clinical data to demonstrate safety and efficacy. 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.
“We believe prescription digital therapeutics are creating a new category of medicine,” said Kirthiga Reddy, Partner at SoftBank Investment Advisers. “Pear Therapeutics has combined biology and software to pioneer the first end-to-end platform for prescription digital products, with an initial focus on serious psychiatric diseases. We’re pleased to support Pear’s mission to create the next generation of therapeutics and deliver better patient outcomes.”
Pear Therapeutics has now raised over $280 million to date.
Digital Health companies raised $10.3 billion in the first nine months (9M) of 2020, according to Mercom’s latest digital health funding report.