Pear Therapeutics has raised $80 million in Series D funding, the digital therapeutics provider announced Tuesday. The new financing adds on to the $134 million in funding the company has already raised.
SoftBank’s Vision Fund 2 led the latest funding round, with additional participation from new and existing investors. New participants include Forth Management, Pilot House, Sarissa Capital, Shanda Group and QUAD Investment Management. Existing investors who participated include Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI.
Headquartered in Boston and founded in 2013, Pear Therapeutics develops prescription apps to treat conditions such as addiction and insomnia.
One such app is a digital opioid use disorder (OUD) solution called reSET-O. The first digital OUD solution to be approved by the FDA, reSET-O has been shown to cut hospital visits and lower health care costs, according to research recently published in the peer-reviewed journal Expert Review of Pharmacoeconomics & Outcomes Research.
The solution is designed to be used alongside medication-assisted treatment (MAT) drugs, such buprenorphine. It prompts users to complete app-based tasks, which help patients manage and recover from OUD.
The company will use its new funding to help secure reimbursement coverage for reSET-O and other solutions, in addition to expanding the its offerings.
“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,” Corey McCann — president and CEO of Pear Therapeutics — said in a press release announcing the news.
To go along with the financing, Pear has also added new members to its board. Those additions include Nancy Schlichting, retired CEO of Henry Ford Health System and board director at Walgreens Boots Alliance and Hill-Rom Holdings, and Elena Viboch, an investor at SoftBank Investment Advisers. Meanwhile, Kirthiga Reddy, partner at SoftBank Investment Advisers, has become a board observer.
“Prescription Digital Therapeutics have the potential to change healthcare in many profound ways,” Schlichting said. “Using technology to treat serious disease is an idea whose time has come, and I am proud to pioneer this new space with Pear and with SoftBank Investment Advisers.”