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Bicycle Health, a startup that gives digital therapy for opioid use dysfunction, raised a $5 million Sequence B extension from Cobalt Ventures.
The addition brings the spherical’s complete to $55 million. It additionally introduced a $27 million Series A in June 2021.
WHAT THEY DO
Based in 2017, Bicycle offers digital care and medication-assisted therapy for opioid use dysfunction. It presents Suboxone, a drug mixture of buprenorphine and naloxone that may assist scale back withdrawal signs and forestall cravings. Customers also can entry on-line assist teams with different sufferers in restoration.
Bicycle has additionally been including partnerships up to now this yr. In August, the corporate announced a collaboration with emergency telehealth supplier Tele911 to attach sufferers to persevering with care after an overdose or well being disaster. Evernorth, insurer Cigna’s well being companies arm, can be partnering with the startup to include its virtual treatment in its behavioral health network. Cigna well being plan clients who obtain well being protection by their employer or market change plans in 24 states may even have entry to Bicycle’s program.
“From a scarcity of geographical entry to excessive monetary and social prices, in-person therapy shouldn’t be designed for almost all of Individuals. Over the previous three years, Bicycle Well being has confirmed that there’s one other strategy to deal with dependancy by our evidence-backed telehealth therapy mannequin,” Ankit Gupta, Bicycle Well being founder and CEO, mentioned in a press release. “This extra funding from Cobalt Ventures will allow us to develop our therapy to much more sufferers throughout the nation, and in the end assist extra folks dwell addiction-free lives.”
MARKET SNAPSHOT
Opioids proceed to be a severe public well being concern within the U.S. According to the CDC, overdose deaths involving opioids elevated from about 70,000 in 2020 to greater than 80,000 final yr. Total, drug overdose deaths elevated by practically 15% in 2021.
Nonetheless, a recent study published in JAMA Psychiatry discovered receiving opioid use disorder-related telehealth companies throughout the COVID-19 pandemic was related to decrease odds of medically handled overdose and higher retention with medicines like methadone and buprenorphine.
Different digital well being firms targeted on dependancy care embody Boulder Care, which just lately raised $36 million; Ophelia, which scooped up $50 million in Series B funding final yr; Workit Well being, which announced a $118 million raise practically a yr in the past; and Give up Genius, which just lately had two substance use dysfunction packages added to Evernorth’s digital health formulary.
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