Digital therapeutics company Click Therapeutics has raised a whopping $48.5 million in funding, according to public documents.

Click Therapeutics stands out as one of the few prominent digital therapeutics companies still actively securing investments following numerous high-profile market failures. Digital therapeutics refers to evidence-based treatments delivered through software interventions to treat or manage a condition.

While the company has not yet responded to requests for comment, the funding dates match a previously announced strategic investment from Dassault Systèmes.

The New York-based company’s product treats a wide range of conditions, including major depressive disorder (MDD), schizophrenia, opioid use disorder, and insomnia. In addition to behavioral health-related products, it has also created therapeutics to treat episodic migraines, type 2 diabetes, and multiple sclerosis.

Click has worked with big pharma on a number of its products. For example, it has worked with Japanese pharma giant Otsuka on Rejoyn, an FDA-cleared digital therapeutic focused on treating MDD. When the deal was first announced, Otsuka revealed that it planned to invest more than $300 million into the creation of what is now Rejoyn. 

In 2020, Click Therapeutics inked a $500 million-plus deal to work with German pharma company Boehringer Ingelheim to develop a digital therapeutic for schizophrenia. Last year, the jointly designed product landed an FDA Breakthrough Device Designation.

Click Therapeutics has been an investor darling for quite some time. In 2021, the company announced a $52 million Series B investment round led by H.I.G. BioHealth Partners and Accelmed Partners. It closed a $17 million investment round in 2018 led by Sanofi Ventures.

In 2024, Click Therapeutics bought Better Therapeutics to build its foothold in treating obesity and cardiometabolic disease.

While Click Therapeutics continues to raise capital, several digital therapeutics companies have struggled and even shuttered. For example, one of the pioneers in the digital therapeutics space, Pear Therapeutics, filed for bankruptcy after struggling on the public markets. Pear Therapeutics landed an FDA de novo for its substance use disorder therapeutic ReSet.

Click Therapeutics was one of the companies acquiring Pear’s assets during an auction after it filed for bankruptcy.

Akili Interactive, an ADHD-focused digital therapeutic, sold to Virtual Therapeutics for roughly 4% of what it was worth at its peak.

Still, some moves are still happening in the digital therapeutics space. This week The American Telemedicine Association (ATA) acquired the Digital Therapeutics Alliance (DTA). Additionally, in 2024, DarioHealth (Nasdaq: DRIO), which offers both physical and behavioral health digital therapeutics, acquired mental health therapeutic Twill.