Ophelia, which provides a digital opioid-use-recovery tool, landed $50 million in Series B funding. Tiger Global Management led the round, with participation from Menlo Ventures, General Catalyst, Refactor Capital, 640 Oxford Ventures, Interplay Ventures and individual contributors. 

This news comes less than a year after Ophelia announced its $15 million Series A funding. As of today, the company has raised roughly $68 million in venture dollars. 

WHAT IT DOES

The New York-based company is focused on providing medication-assisted treatment (MAT) to individuals with opioid use disorder. People seeking treatment can use Ophelia to connect with a provider through a video or phone conversation. Patients will be matched with a care team, which includes a prescribing clinician, a nurse and a care coordinator. 

Individuals can access prescriptions for Suboxone, a medication developed to manage withdrawals and prevent overdoses, via Ophelia. The service lets patients talk to their clinicians on a weekly, biweekly or monthly basis. 

"Just weeks ago, the United States hit a record-breaking 100,000 overdose deaths in the span of 12 months, and the need for non-stigmatizing, evidence-based care for opioid use disorder has never been more clear. Ophelia is connecting people with affordable, life-saving care that transcends misinformation, privacy, convenience and affordability barriers," Jay Chen, partner at Tiger Global Management, said in a statement.

"We are excited to work with Ophelia to expand its reach and ensure that people with OUD have access to personalized, high-touch care that works."

Ophelia said it is licensed in 27 states and works with national and regional insurers, including Medicaid and Medicare. 

WHAT IT’S FOR 

Ophelia plans to use the new funds to expand its services and reach. The company said it aims to reach 80% of the individuals with opioid use disorder who are not engaging with the health system. 

MARKET SNAPSHOT 

According to the CDC, 841,000 people have died of a drug overdose since 1999. The agency said that opioids were involved with 70% of those deaths in 2019. Today, many startups are looking to address the opioid epidemic using technology. 

In 2017, Pear’s reSET-O landed FDA clearance for its digital therapeutic designed to treat opioid use disorder. In October 2021, Massachusetts' Medicaid program announced it would cover reSET and reSET-O.

Masimo is also looking to tackle issues related to opioid use disorder. In 2020, the company rolled out a wearable device called Bridge, which can apply electrical impulses to the cranial nerves around the ear, reducing the neuron activity and reducing opioid withdrawal symptoms.