Virtual Alcohol Use Disorder Treatment Company Rhea Health SV has completed a round of funding in a $ 18 million series led by health investors.
Other participants in the round include SV Limited Partners, BPEA Private Equity and previous investors SOSV.
What does this mean?
Rhea provides virtual care for alcohol-related disorders, including drug-assisted treatments such as naltrexone, acamprosate, and gabapentin that can reduce thirst.
Patients also receive recovery coaching that can help them set goals, develop coping strategies, evaluate their progress, and refer them to local therapy and support groups if necessary. They can also access Rhea’s app, where they can conduct virtual sessions, manage their prescriptions, and monitor results from a connected breathalyzer.
The startup says it plans to use the capital to expand its care-delivery capabilities.
“E.g. Alcoholism has increased dramatically during the epidemic, and Rhea Health’s talented founders and management team have paved the way for innovative treatments for alcoholism through a combination of pharmacological and behavioral support, ”said Michael Balmuth, SV’s managing partner in a statement. He has joined the board of startups as part of funding.
“Rhea Health’s clinical approach and high-quality results will continue to transform the substance use treatment industry.”
Snapshots of the market
According to According to the 2019 National Survey on Drug Use and Health, approximately 15 million people aged 12 or older in the United States have an alcohol use disorder, but less than 10% of those who had the condition last year received no treatment. About 95,000 people die each year from alcohol-related causes.
There are a number of digital health startups focused on substance use disorders, e.g. Drug overdoses have also increased in the Covid-19 epidemic. Earlier this month, Boulder Care, which focuses on opioid and alcohol use, announced that it had received $ 36 million in Series B funding.
In April, Eleanor Health scooped সি 50 million in Series C funding, of which $ 20 million is in Series B. Workit Health and Quit Genius are also less than a year away from finishing the funding round last year.
Peer Therapeutics, which already provides prescription digital therapeutics for substance and opioid use disorders, In November, the FDA designated a product for alcoholism as a breakthrough device.