Big Health, a digital therapeutics company, has recently raised an impressive $24 million in funding from investors. This news is a clear indicator that the era of digital therapeutics has arrived and is here to stay.
For those unfamiliar with the term, digital therapeutics are evidence-based interventions delivered through software programs to prevent, manage or treat diseases. In simpler terms, it is the use of technology to deliver medical treatment and improve health outcomes.
The funding round was led by Gilde Healthcare, with participation from Kaiser Permanente Ventures, Octopus Ventures, and Samsung NEXT. This shows the confidence and trust that prominent investors have in Big Health’s mission and potential.
With this new funding, Big Health plans to expand its reach and accelerate its research and development efforts. The company’s co-founder and CEO, Peter Hames, stated that this investment will enable them to reach more people in need of effective and accessible mental health solutions.
This is a significant milestone for Big Health, especially considering the current global situation. The COVID-19 pandemic has highlighted the need for accessible and effective mental health solutions, with many people struggling to cope with the stress and anxiety brought on by the pandemic.
Big Health has already made a name for itself with its digital therapeutics programs, Sleepio and Daylight. Sleepio is a clinically proven online sleep improvement program that uses cognitive-behavioral therapy (CBT) techniques to help people overcome insomnia. Daylight, on the other hand, is a digital therapy program designed to help people with worry and anxiety.
Both programs have shown promising results, with Sleepio being recognized as the world’s first clinically validated digital sleep improvement program. Daylight has also proven to be effective, with 75% of users experiencing a significant reduction in their anxiety levels.
This success has not gone unnoticed, with major employers and healthcare providers partnering with Big Health to offer their programs to their employees and members. This includes companies like Boston Medical Center and Virgin Pulse.
The global digital therapeutics market is projected to reach $9.4 billion by 2025, and Big Health is well-positioned to be a major player in this growing industry. With its evidence-based programs, partnerships with prominent organizations, and now with a significant funding boost, Big Health is set to make a significant impact in the healthcare industry.
But what makes digital therapeutics so appealing to investors and healthcare providers? First and foremost, it is the accessibility and convenience it offers. With the use of smartphones and other devices, people can access these programs anytime, anywhere. This is particularly beneficial for those who may not have access to traditional therapy or are hesitant to seek help due to stigmas surrounding mental health.
Moreover, digital therapeutics are cost-effective, making them an attractive option for employers and healthcare providers. They eliminate the need for in-person visits, which can be costly and time-consuming. This also reduces the strain on the healthcare system and allows for more people to receive the help they need.
But perhaps the most significant benefit of digital therapeutics is its potential for personalization. By leveraging technology, these programs can gather data and tailor the treatment to the individual’s specific needs. This not only improves the effectiveness of the treatment but also provides a more personalized and engaging experience for the user.
With the rapid advancements in technology, the potential for digital therapeutics is limitless. Big Health is just one of the many companies paving the way for this industry, and their success is a testament to the growing demand for accessible and effective mental health solutions.
In conclusion, the recent $24 million funding raised by Big Health is a clear indication that the time for digital therapeutics has finally arrived. This investment will not only allow the company to expand its reach and develop new programs, but it also highlights the growing recognition and acceptance of digital therapeutics in the healthcare industry. With this funding, Big Health is well-positioned to make a significant impact in improving mental health and revolutionizing the way we approach healthcare.
