Portland-based “digital therapeutics” firm MedRhythms has secured $25 million in venture capital funding to expand its operations, the company said Wednesday.
The latest funding round, co-led by Morningside Ventures and Advantage Capital with participation from existing investor Werth Family Investment Associates, brings the company to a total of $34 million in proceeds from private financing since its inception in 2015.
MedRhythms, co-founded by CEO Brian Harris and President Owen McCarthy, uses sensors, software and music to help people who have suffered brain injuries recover their walking functions. Experts in the field have attested that neurologic music therapy can be used to permanently improve the speed and stability of a patient’s gait, improve his or her balance and reduce the risk of falling down.
“We are delighted to welcome a top-tier group of leading health care investors that will support the company to advance development of our pipeline of prescription digital therapeutics,” Harris said in a statement on Wednesday. “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. 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.”
MedRhythms has received “breakthrough device” designation from the U.S. Food and Drug Administration for its patented digital therapeutic to treat chronic stroke walking deficits, the company said in a news release. The impact of the device on chronic stroke walking impairments is being studied in a randomized, controlled trial at some of the nation’s top rehabilitation hospitals and research centers, it said.
The company also has expanded into developing therapies for neurological conditions such as Parkinson’s disease, acute stroke and multiple sclerosis, including a neuroimaging study with Massachusetts General Hospital.
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