Bicycle Health has raised 50M for the treatment of Virtual Opioid Disorders.

Virtual opioid disorder treatment startup Bicycle Health has scored $ 50 million in a Series B funding round led by Interlapen Partners.

Other participants in the round include existing investors Questa Capital, Frist Cressey Ventures and City Light Capital. The total increase in Series B cycles brings in $ 83 million, an over-building The A 27 million Series A was announced in June 2021.

What does this mean?

Bicycle offers virtual treatments for opioid use disorders, including drug-assisted treatments such as subconscious. The startup is currently operating in 25 states.

Patients can set up an initial call with a startup to determine if bicycle therapy will work for them, and then make a virtual appointment to set up a care plan and discuss drug-assisted treatment. Patients can also access health coaching and online support groups.

What is it for?

Bicycle says it plans to use the capital to grow its team, improve its virtual care platform, add strategic partnerships and conduct research to study the effectiveness of its treatment model.

CEO and founder Ankit Gupta said, “For a long time, Americans struggling with opioid addiction seemed to be lost in the search for treatment options – due to lack of access to personal benefits or the financial and social costs traditionally associated with the treatment,” the statement said. People who have a different way to help them deal with OUD, and with this latest round of funding, we will continue to make our virtual care platform available to more Americans who are struggling with OUD. “

Snapshots of the market

Opioid use disorder continues to be a serious public health concern in the United States Opioid overdose deaths have risen from an estimated 70,029 in 2020 to 80,816 in 2021, according to data released recently by the CDC. Overall drug overdose mortality increased by 15% per year.

Another company in the general addiction care space is Workit Health, which raised সি 118 million Series C funding last year. Quit Genius, which offers treatment programs for tobacco, alcohol and opioid addiction, was wrapped up in the বি 64 million Series B round last summer. Opioid-centric Ophelia announced a 50 million increase in December.

Digital mental health organization Cerebral recently announced their own Opioid use disorder treatment program. Although the company plans to discontinue prescriptions for most controlled substances in the midst of a federal investigation into its prescription practice, Cerebral says it will continue to prescribe drugs for opioid use disorders.

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