Bicycle Well being, a startup that provides digital remedy for opioid use dysfunction, raised a $5 million Sequence B extension from Cobalt Ventures.
WHAT THEY DO
Based in 2017, Bicycle offers digital care and medication-assisted remedy for opioid use dysfunction. It presents Suboxone, a drug mixture of buprenorphine and naloxone that may assist scale back withdrawal signs and forestall cravings. Customers may also entry on-line help teams with different sufferers in restoration.
Bicycle has additionally been including partnerships to this point this 12 months. In August, the corporate introduced a collaboration with emergency telehealth supplier Tele911 to attach sufferers to persevering with care after an overdose or well being disaster. Evernorth, insurer Cigna’s well being providers arm, can also be partnering with the startup to embrace its digital remedy in its behavioral well being community. Cigna well being plan prospects who obtain well being protection via their employer or market change plans in 24 states can even have entry to Bicycle’s program.
“From a scarcity of geographical entry to excessive monetary and social prices, in-person remedy will not be designed for almost all of People. Over the previous three years, Bicycle Well being has confirmed that there’s one other strategy to deal with habit via our evidence-backed telehealth remedy mannequin,” Ankit Gupta, Bicycle Well being founder and CEO, mentioned in an announcement. “This extra funding from Cobalt Ventures will allow us to broaden our remedy to much more sufferers throughout the nation, and in the end assist extra individuals stay addiction-free lives.”
Opioids proceed to be a critical public well being concern within the U.S. In keeping with the CDC, overdose deaths involving opioids elevated from about 70,000 in 2020 to greater than 80,000 final 12 months. General, drug overdose deaths elevated by almost 15% in 2021.
Nonetheless, a current research printed in JAMA Psychiatry discovered receiving opioid use disorder-related telehealth providers through the COVID-19 pandemic was related to decrease odds of medically handled overdose and higher retention with drugs like methadone and buprenorphine.
Different digital well being firms centered on habit care embrace Boulder Care, which lately raised $36 million; Ophelia, which scooped up $50 million in Sequence B funding final 12 months; Workit Well being, which introduced a $118 million increase almost a 12 months in the past; and Stop Genius, which lately had two substance use dysfunction applications added to Evernorth’s digital well being formulary.