Pain relief-focused health tech startup Oska Wellness landed $5.5 million in funding yesterday. The new cash comes from a collection of 11 individual investors, as well as venture funds GlobalLink1 Capital and Falls Angel Fund.
WHAT THEY DO
The California-based startup developed a device to help pinpoint and reduce a user’s pain. Using pulsed electromagnetic field therapy, the wearable device emits precise frequencies to the user's pain point. According to the company the therapeutic technology can be used not only to reduce pain, but also to increase range of motion and dilate blood vessels for inflammation reduction.
Since 2017, the company has been selling its products on Amazon.
WHAT IT’S FOR
The company noted that the new money will be put towards its sales, marketing and distribution effots. Additionally, it will also be used to help develop the technology.
MARKET SNAPSHOT
Wearable devices are more frequently being used for pain reduction. Earlier this month the FDA granted a De Novo clearance to Innovative Health Solutions for a nerve stimulation device for the reduction of functional abdominal pain. The product is specifically designed to help teens with irritable bowel syndrome.
Additionally, Cala Health closed a $50 million Series C round in May for its wearable nerve stimulation devices for essential tremor therapy. Also, Flow launched its brain stimulation headset for UK residents with depression in the spring.
ON THE RECORD
“We’re thrilled to close this first round of funding. Over 100 million Americans suffer daily from chronic pain and everyone involved in the round knows personally and professionally how debilitating it can be,” Greg Houlgate, cofounder of Oska Wellness, said in a statement. “This equity will further expand our efforts to help people live more active lives with less pain. We want to make a drug-free alternative available, accessible and affordable to everyone struggling with pain as they seek to reclaim their lives — and our wearable, tech-driven Oska Pulse device is that alternative.”
