Pear Therapeutics, a manufacturer of digital therapeutics for conditions such as addiction, has raised $20 million in a Series D funding round. Boston-based Pear announced the news Monday.
The announcement comes after the company completed an initial Series D funding round in December, raising $80 million. An undisclosed investor, which Pear referred to in a press release as “a leading national Integrated Delivery Network (IDN),” led the latest Series D round. The new investment brings the total amount of money raised by Pear to $234 million, according to estimates from the fundraising tracking site Crunchbase.
Pear, which was founded in 2013, currently has three FDA-approved commercial products available to consumers. Those products include Somryst, which is used to treat chronic insomnia; reSET, which is used to treat substance use disorder (SUD); and reSET-O, which is used to treat opioid use disorder (OUD). All three treatments are delivered via the use of a mobile app that provides cognitive behavioral therapy (CBT) to adults, while simultaneously allowing clinicians to treat patients and track their progress.
The latest funding comes at a time when rates of SUD, OUD and insomnia have risen over the past year with the pandemic, which could potentially accelerate the demand for digital therapeutics like those produced by Pear.
Pear says that the money raised from the new round will be used to speed up the process of gaining reimbursement coverage for its three products. The company currently has 11 other products in various stages of development, according to its website.
“Pear is pleased to add one of America’s leading health care providers and health plans to our distinguished list of investors as we continue to expand patient access to our FDA-authorized digital therapeutics,” Corey McCann, Pear Therapeutics’ president and CEO, said in a statement. “This investment from a market leading IDN in the next generation of medicine supports our mission to be the leading platform-based, product-driven [prescription digital therapeutics] company.”
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