Bicycle Health, a startup that gives digital remedy for opioid use dysfunction, raised a $5 million Sequence B extension from Cobalt Ventures.
WHAT THEY DO
Based in 2017, Bicycle gives digital care and medication-assisted remedy for opioid use dysfunction. It affords Suboxone, a drug mixture of buprenorphine and naloxone that may assist cut back withdrawal signs and forestall cravings. Customers also can entry on-line help teams with different sufferers in restoration.
Bicycle has additionally been including partnerships to date this 12 months. In August, the corporate announced 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 include its virtual treatment in its behavioral health network. Cigna well being plan prospects who obtain well being protection by way of their employer or market alternate plans in 24 states may also have entry to Bicycle’s program.
“From a scarcity of geographical entry to excessive monetary and social prices, in-person remedy is just not designed for almost all of Individuals. Over the previous three years, Bicycle Well being has confirmed that there’s one other option to deal with dependancy by way of our evidence-backed telehealth remedy mannequin,” Ankit Gupta, Bicycle Well being founder and CEO, stated in an announcement. “This extra funding from Cobalt Ventures will allow us to develop our remedy to much more sufferers throughout the nation, and in the end assist extra folks stay addiction-free lives.”
Opioids proceed to be a critical public well being concern within the U.S. According to 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 recent study published 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 targeted on dependancy care embrace Boulder Care, which just lately raised $36 million; Ophelia, which scooped up $50 million in Series B funding final 12 months; Workit Well being, which announced a $118 million raise almost a 12 months in the past; and Stop Genius, which just lately had two substance use dysfunction packages added to Evernorth’s digital health formulary.