Prescription digital therapeutics (PDTx) developer MedRhythms has added $25 million in Series B financing to its pot. Morningside Ventures and Advantage Capital co-led the raise, with participation from existing investor Werth Family Investment Associates as well.

The funding brings MedRhythms total amount raised to $34 million since its inception.

WHAT THEY DO

MedRhythms' PDTx combines sensors, software and music to deliver the evidence-based intervention Rhythmic Auditory Stimulation in patients with a neurologic injury or disease.

The technology uses music to target users’ neural circuitry that controls movement, otherwise known as “entrainment,” which is when the auditory and motor systems of the brain sync up with an external rhythm. The idea is that, over time, entrainment can improve walking capabilities in patients with neurological injuries and conditions like chronic stroke, Parkinson’s and multiple sclerosis.

The company received FDA breakthrough device designation for its chronic stroke PDTx that measures how well a user can walk to the beat of a song and adjusts the tempo based on those metrics to help improve clinical outcomes.

WHAT IT’S FOR

MedRhythms will put its new cash into growing its team, commercializing its chronic stroke PDTx and enhancing its product pipeline.

“We are delighted to welcome a top-tier group of leading healthcare investors that will support the company to advance development of our pipeline of prescription digital therapeutics. We have made tremendous progress since founding the Company, and this financing reflects strong support for our platform, people, strategy, and, most importantly, our mission,” Brian Harris, cofounder and CEO of MedRhythms, said in a statement.

“This investment positions us to be able to bring our chronic stroke asset to market, advance our pipeline and further realize our vision of making a significant impact in the world.”

MARKET SNAPSHOT

Other digital health startups helping rehabilitate neurological patients include MindMaze, which creates gamified therapeutics to help patients regain the functionality of their arms, and Flint, which also has a music-enabled neurotherapeutic to facilitate hand movements.

As far as PDTx’s go, there’s a wide variety on the market that treat a range of different clinical conditions.

Pear Therapeutics’ pipeline includes therapies for substance use disorder, opioid use disorder and insomnia. The company is going public in a $1.6 billion SPAC merger later this year.

There’s also Better Therapeutics, which is going public through a SPAC merger of its own. The company has a PDTx that delivers cognitive behavioral therapy to help create change around the root causes of cardiometabolic conditions like diabetes and heart disease.