MedRhythms, a Portland, Maine-based digital therapeutics company focused on treating neurologic conditions, has completed a $25 million Series B financing round.
The funds are expected to go toward bringing in new employees and making other key additions as the company ramps up production of its flagship platform, which uses music and sensors to help stroke survivors improve their ability to walk.
The financing round was led by Morningside Ventures and Advantage Capital. Werth Family Investment Associates, an existing investor, also participated. MedRhythms has raised a total $34 million in private financing so far, the company said.
“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," Brian Harris, CEO and co-founder of MedRhythms, said in a statement. “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 is at the forefront of the next-generation of digital therapeutics and is transforming healthcare which will improve the lives of millions of patients worldwide," added Chris Harris, principal at Advantage Capital. "The company's leadership position and its breakthrough digital therapeutics pipeline makes MedRhythms a pioneer in the industry. The company's mission and vision for disrupting healthcare and positively impacting patient outcomes aligns with our investment strategy, and we are excited to welcome MedRhythms into our portfolio."