Digital opioid use dysfunction remedy startup Bicycle Well being scored $50 million in a Sequence B funding spherical led by InterAlpen Companions.
Different members within the spherical embody present traders Questa Capital, Frist Cressey Ventures and Metropolis Mild Capital. The Sequence B brings Bicycle’s complete increase to $83 million, constructing on a $27 million Sequence A introduced in June 2021.
WHAT IT DOES
Bicycle gives digital remedy for opioid use dysfunction, together with medicine assisted remedy like Suboxone. The startup at present operates in 25 states.
Sufferers can arrange an introductory name with the startup to find out if Bicycle’s remedy would work for them, after which schedule a digital appointment to set a care plan and focus on medication-assisted remedy. Sufferers can even entry well being teaching and on-line assist teams.
WHAT IT’S FOR
Bicycle stated it plans to make use of the capital to develop its crew, enhance its digital care platform, add strategic partnerships and conduct analysis to check the effectiveness of its remedy mannequin.
“For too lengthy, People fighting opioid dependancy have felt misplaced when on the lookout for remedy choices – whether or not as a result of lack of entry to in-person amenities or the financial and social prices historically related to remedy,” CEO and founder Ankit Gupta stated in a press release. “Bicycle Well being has confirmed there’s a distinct method to assist folks face their OUD, and with this newest spherical of funding, we are going to proceed making our digital care platform accessible to much more People battling OUD.”
Opioid use dysfunction continues to be a critical public well being concern within the U.S. In response to lately launched information from the CDC, overdose deaths involving opioids elevated from an estimated 70,029 in 2020 to 80,816 in 2021. General drug overdose deaths elevated 15% year-over-year.
One other firm within the normal dependancy care house is Workit Well being, which raised $118 million in Sequence C funding final yr. Stop Genius, which gives remedy applications for tobacco, alcohol and opioid addictions, wrapped up a $64 million Sequence B spherical final summer time. Opioid-focused Ophelia introduced a $50 million increase in December.
Digital psychological well being firm Cerebral lately introduced its personal opioid use dysfunction remedy program. Although the corporate plans to halt prescriptions for many managed substances within the midst of a federal investigation into its prescription practices, Cerebral stated it’s going to proceed prescribing medicines for opioid use dysfunction.