Balderton Capital leads $10m investment in ‘revolutionary’ back pain app
London-headquartered investor Balderton Capital has backed the European firm behind a popular back pain app in a multi-million pound funding round.
Kaia Health will use the $10m (c.£7.8m) generated in a Series A round led by Balderton to fund clinical trials and drive its rollout in the US with the launch of a New York City office.
Founded in 2016, Kaia Health has created digital treatments, supported by scientific study, for disorders including back pain and chronic obstructive pulmonary disease, or COPD.
Its back pain app Kaia is now used by more than 250,000 people, in addition to large organisations in the US and Europe – among them, German insurance giant BARMER.
Kaia Health has used machine learning, computer vision technology and the help of medical experts to create an affordable, home-based and clinically validated alternative to traditional painkillers.
The app offers a daily plan featuring physical exercises, relaxation techniques and medical educational content.
Balderton Capital partner James Wise said: “Providing high-quality and affordable health care for everyone is an urgent issue.
“Kaia Health is helping to tackle this through its revolutionary technology, which we believe could offer millions of chronic-pain sufferers best-in-class clinical solutions from the comfort of their own homes.”
He added: “We look forward to being able to support Kaia on their mission to put treatment and pain management into the hands of patients and improve lives.”
Konstantin Mehl, co-founder and chief exec of Munich-headquartered Kaia Health, commented: “Over the last twelve months, we’ve demonstrated a universal, unmet need for affordable and accessible digital therapy products, such as our world’s first computer vision-powered back pain app.
“These improve treatment paths for patients and reduce costs for payers in healthcare around the globe.”
He continued: Balderton’s investment will support the next stage of our journey, as we expand across the US, undertake further clinical studies and cement our position as a global leader in the digital healthcare market.“
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