MedRhythms, a leader in developing prescription digital therapeutics that use sensors, software, and music to measure and improve walking for patients with a neurologic injury or disease, today announced the closing of a Series B extension round, with investment from one of Japan's largest venture capital companies Global Brain with its CVC JGC MIRAI Innovation Fund, and Bose Ventures. The follow-on investment brings the Company’s total Series B financing to $27 million, an increase from their announcement in July.
MedRhythms recently announced a partnership with Universal Music Group (UMG), the world leader in music-based entertainment, that provides MedRhythms with access to UMG’s catalog of the most diverse and culturally rich collection of music ever assembled for the purpose of providing prescription music to patients.
MedRhythms’ cutting edge, patented digital therapeutics platform uses music to directly target the human motor system to improve walking following neurologic disease and injury. This intervention is based on decades of neuroscience and clinical research in the neuroscience of music and how it can enhance neuroplasticity and improve walking. Sensors connect to the shoe and collect clinical grade data about the patient walking in real-time, and the company’s proprietary algorithms build customized interventions to improve speed and quality of walking of the users.
“We’re excited to receive additional Series B funding from leading investors Global Brain and Bose Ventures to accelerate development of our cutting edge digital therapeutics pipeline across multiple therapeutic indications,” said Brian Harris, CEO and Co-Founder of MedRhythms. “Over the last year, we’ve made significant progress, and we anticipate the announcement of our study results for our most advanced digital therapeutic program in chronic stroke soon. With this additional funding, we look forward to getting our products into the hands of patients that need our help and impacting the lives of those living with neurologic disease and injury.”
“MedRhythms is a unique and inspiring company. The team is pioneering the next-generation of digital therapeutics, and we, together with JGC JAPAN Corporation, are thrilled to be part of their mission to improve walking for patients with stroke and other neurologic diseases,” said Yasuhiko Yurimoto, CEO and General Partner, Global Brain.
“What MedRhythms has accomplished in such a short time is extremely impressive, developing music-based digital therapeutics to help people live healthier and more engaged lives by improving their walking ability,” said Adam Jackson, Head of M&A and Ventures, Bose Corporation. “Given our commitment to audio products and research, we’re excited to work with MedRhythms and support their efforts to bring these innovative solutions to patients with chronic stroke walking deficits.”
About MedRhythms
MedRhythms is a digital therapeutics company that uses sensors, music and software to build evidence-based neurologic interventions to measure and improve walking. The company is developing a pipeline of digital therapeutics in neurological conditions such as Parkinson’s, acute stroke and multiple sclerosis, including a neuroimaging study with Massachusetts General Hospital. MedRhythms has received FDA Breakthrough Device designation for its lead digital therapeutic to treat chronic stroke walking deficits. The company was founded out of Spaulding Rehabilitation Hospital, one of the leading rehabilitation hospitals in the United States. MedRhythms is headquartered in Portland, Maine. For more information, please visit www.medrhythms.com.
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Contacts
Kimberly Ha
KKH Advisors
917-291-5744
kimberly.ha@kkhadvisors.com
