XRHealth Announces $7M in Funding to Expand Telehealth Platform

BOSTON, April 22, 2020 /PRNewswire/ -- XRHealth, the leader in extended reality and therapeutic applications, announced that they raised $7M in funding to expand their telehealth platform to support more clinicians and patients for virtual/augmented reality therapy. The round was led by Bridges Israel, Flint Capital, 20/20 HealthCare Partners and comes at a time that millions of people are isolated due to COVID-19 and are in need of various telehealth solutions that provide high quality care and enable patients to adhere to self-distancing precautions.

"We are excited to join XRHealth which offers a comprehensive VR-based telehealth platform for healthcare providers, allowing them to treat patients both in clinics and at patients' homes, making therapy continuous and efficient. This is a win-win solution for both care providers and its recipients, that became extremely relevant nowadays, as patients can get effective treatment without leaving their homes," says Sergey Gribov, Partner at Flint Capital.

XRHealth is the first company to create virtual reality clinics that provide remote care to patients throughout the United States and is covered by most major health insurance companies as well as medicare. One of the unique features that VR therapy provides is virtual support groups, where patients with similar conditions can connect anonymously and remotely with leading physicians moderating the group. XRHealth support groups are tailored for patients with the following conditions: Multiple Sclerosis, Parkinsons, breast cancer, menopause, an injury that effects motor function, anxiety, chronic pain, fibromyalgia, substance abuse, post-stroke rehabilitation, brain injury and others. Patients have found that particularly during self-distancing, they could receive care while in the comfort of their home.

Gal Hayut, Managing Partner at Bridges Israel advised that, "We at Bridges are very impressed by the XRHealth team and its innovative solution that represents an excellent example of an 'Impact tech' investment. We expect XRHealth to have an important role in improving healthcare practices and outcome. XRHealth platforms' unique capabilities can change the future of medicine as some of its' core characteristics address critical challenges of current practices. We are confident that a wide implementation of its platform will improve therapy accessibility, efficacy and affordability to address variety of physical and mental conditions."

"Telehealth has emerged on the medical scene as a crucial medium of care for patients throughout the world," says Eran Orr, CEO of XRHealth. "Virtual and augmented reality technologies offer a unique platform for patients to be treated since they are immersed in a world that is designed completely to help them heal. We have taken this a step further, by adding support groups and virtual clinics so that anyone can receive the care they need, no matter where they are."

XRHealth utilizes the power of virtual reality to rehabilitate patients through an immersive and engaging experience that is designed to turn routine treatment into a fun activity to increase patient compliance. XRHealth combines therapeutic software with VR technology solutions that can treat a variety of health conditions. Additionally, the data from each therapeutic session is sent to doctors so that they can track patient progress in real-time. XRHealth is currently utilized at hospitals across the globe, including: Sheba Medical Center, Stanford Sports Medicine, Spaulding Rehabilitation Network, Hoag Hospital Network, and Mass General Hospital's Sports Medicine Center.

About XRHealth

XRHealth, formerly known as VRHealth, is the leader in extended reality and therapeutic applications providing both VR and AR solutions for the medical industry. XRHealth is the first certified Extended Reality medical company in the world; their Medical Applications are FDA & CE Registered. They provide first-of-its-kind healthcare technology that helps clinicians better manage their patients' care via specialized extended reality technology solutions and data analysis. XRHealth created the first virtual reality telehealth clinic in the world that is currently certified in 17 states. The VR solution known as the VRHealth Platform collects and examines user data through artificial intelligence (AI) and cloud-computing algorithms to deliver advanced data analytics in real-time, consistently enabling healthcare providers to enhance their users' and payers' healthcare experiences. The company offers a variety of patent-pending solutions from rehabilitation services to cognitive assessment and training, to pain management. XRHealth works with several world-renowned U.S. healthcare providers, hospitals and rehabilitation centers. Founded in 2016, XRHealth is headquartered in Israel and Boston, Massachusetts. Learn more at https://www.xr.health/.

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