MedRhythms has secured $5.3m in funding to develop and commercialize patent-pending digital therapeutics platform for people with neurologic injuries and diseases.
The series A financing round was led by Peter Werth of Werth Family, Investment Associates and the participants include investors, executives, and CEO.
The company will use the funding to build digital therapeutics platform, which focuses on constructing evidence-based, FDA-approved and prescription products for people with neurologic injuries and diseases to improve and measure walking.
The first product on the platform is said to focus on the post-stroke population.
MedRhythms pipeline is comprised of products for Parkinson’s disease, multiple sclerosis, aging-in-place, and traumatic brain injury.
The company said it intends to recruit software, product, and commercial professionals for its Portland office, following the investment.
MedRhythms CEO and co-founder Brian Harris said: “Developing digital therapeutics based on music requires the right mix of talent on the team, including experts in music, biotech, healthcare and technology.
“We are thrilled to have Peter Werth lead this financing round, as his track record of success building and investing in healthcare businesses is the right balance of expertise that will allow us to achieve MedRhythms’ mission and vision of making a high-quality clinical impact in the lives of millions of people.”
MedRhythms platform is based on the neuroscience and clinical research, which showed that music improves functional outcomes in neurologic rehabilitation by globally involving the brain.
Rhythm holds capacity to engage the auditory system, enabling to generate motor responses and assist in structural changes in the brain through neuroplasticity.
MedRhythms has also announced that it will expand board of directors from three members to five members, in line with the financing.
Based in Portland of Maine, MedRhythms is a digital therapeutics company, which uses sensors, music, and artificial intelligence (AI) to develop evidence-based and neurologic interventions to measure and improve walking.