Swedish firm Joint Academy has raised $23 million in Series B funding for its clinical evidence-based digital treatment for chronic joint pain, which connects patients with licensed physical therapists.
The round was led by international investment company Kinnevik and participated in by existing investors Karl-Johan Persson (H&M chairman) and Alfvén & Didrikso. To date, the company, which was previously known as Artho Therapeutics, has raised $34.2 million.
WHAT IT DOES
Since being founded in 2014, Joint Academy has treated 25,000 patients who suffer from chronic hip and knee pain through its app.
Patients are evaluated by one of the 400 physical therapists on the platform who follow up on the treatment and answer any user questions. They are also given daily personalised exercises, designed to reduce pain and adjust as their condition improves. Progress can be tracked weekly to boost motivation and improve treatment results.
MARKET SNAPSHOT
The steadily increasing prevalence of chronic joint pain worldwide poses a challenge for healthcare systems.
In a deal thought to be worth more than $8 million Nordic digital therapeutics SidekickHealth partnered with Pfizer earlier this year to launch an app, which allows patients with diseases including rheumatoid arthritis to manage their conditions from home.
Meanwhile, UK digital health company Living With announced a partnership with the Royal United Hospitals Bath NHS Foundation Trust and the University of Bath to develop a new smartphone platform called the Rheumatoid Arthritis Flare Profiler, with government funding from Innovate UK.
ON THE RECORD
Joint Academy CEO and cofounder, Jakob Dahlberg said: “We are excited to have a prominent investor such as Kinnevik on board that shares our mission to improve the ways in which chronic joint pain is treated. Their know-how in the digital health sector will be immensely helpful in reaching our vision to become the global standard treatment for chronic joint pain. The Series B round will help us accelerate in the US and expand our offering throughout Europe.”
Kinnevik CEO Georgi Ganev said: “Joint Academy exemplifies the kind of company we support. A digital healthcare initiative such as this can be of great support to the traditional healthcare system. Chronic joint pain is one of the world's fastest growing chronic diseases and we look forward to seeing how Joint Academy's digital solution will enable more people to get better care at a lower cost.”
