Los Angeles-based startup TRIPP, which uses alternative realties to present psychedelic images aiming to boost mental health, scored $11 million in Series A funding. Vine Ventures and Mayfield led the round with equal participation from Integrated.
This new investment brings the company's total funding pot to $15 million.
WHAT THEY DO
The company has created software that presents psychedelic visuals, target sounds and interoperations through a virtual reality headset. Patients can access the platform either on a 2D or 3D design. The tech was designed to collect data during a session and tailor the content to the user's needs and preferences over time.
Currently, the technology is being used in clinical trials for substance abuse disorders, anxiety reduction, pain management, depression, and improving the quality of life during cancer treatment.
Looking down the pipeline, the company plans to add an option to view content through mobile and mixed-reality smart glasses.
“The pandemic accelerated at-home therapy, a trend that we were already seeing grow since we launched TRIPP in 2018,” Nanea Reeves, CEO and cofounder of TRIPP, said in a statement.
“As an accessible, noninvasive interactive solution to promote wellbeing, TRIPP allows users to manage their stress and mental fitness in the comfort of their own home. Last year, 67 percent of our user base on Oculus and PlayStation platforms were men, showing that TRIPP’s innovative meditative experiences in virtual and augmented reality provided support for this demographic of gamers during a challenging year.
"With this funding, we’ll be able to expand our reach to more platforms and ultimately to help more people.”
WHAT IS IT FOR?
The company said it plans to use the new funds to build out its team and user base. It is also looking to grow its R&D efforts and expand to support cross-platform distribution.
"Nanea and her team are creating the pathways needed to assure that all people get access to the equitable care they need. I am so excited to see the profound impact that TRIPP will have on the world around us.” says Andrew Smith, president of Inflect Health, said in a statement.
MARKET SNAPSHOT
Using VR and other augmented realities to provide mental healthcare and pain reduction has become popular in the last few years.
AppliedVR works in the space of VR for chronic pain management. Earlier this year it scored $29 million in Series A funding, bringing its total raised to $35 million. A study in JMIR demonstrated that AppliedVR's tool was more effective in reducing pain among participants with self-reported lower back pain than the sham app.
