Pear Therapeutics Inc, marketer of digital cognitive behavioral therapy for insomnia (CBT-I) program Somryst and other digital therapeutics, has successfully closed an $80 million Series D financing. The financing is led by SoftBank Vision Fund 21 with participation from existing investors including Temasek, 5AM Ventures, Arboretum Ventures, JAZZ Venture Partners, Novartis, CrimsoNox, and EDBI, and new investors, Forth Management, Pilot House, Sarissa Capital, Shanda Group, and QUAD Investment Management.
“Pear is pleased to welcome our new investors and our new board members. SoftBank Investment Advisers represents an ideal partner to support Pear as we build the digital therapeutics industry,” says Corey McCann, MD, PhD, president and CEO of Pear Therapeutics, in a release. “This oversubscribed round of funding will allow us to continue to invest in the launches of our three commercial products to accelerate revenue growth, which we intend to reinvest in our robust pipeline and platform.”
Pear’s products reSET and reSET-O for the treatment of substance use disorder and opioid use disorder, respectively, are the first two prescription digital therapeutics (PDT) to receive market authorization to treat disease from FDA. Pear recently launched Somryst for the treatment of chronic insomnia, its third FDA-authorized prescription digital therapeutic and the third PDT to receive market authorization from FDA.
Pear also recently launched its end-to-end virtual care experience combining virtual doctor visit(s) via telemedicine provider with PearConnect.
Pear will use the financing to accelerate reimbursement coverage for its three commercial products, creating a market access pathway in the prescription digital therapeutics industry. Pear has built a scalable platform infrastructure to discover, develop, and deliver PDTs to patients.
“We believe prescription digital therapeutics are creating a new category of medicine,” says Kirthiga Reddy, partner at SoftBank Investment Advisers, in a release. “Pear Therapeutics has combined biology and software to pioneer the first end-to-end platform for prescription digital products, with an initial focus on serious psychiatric diseases. We’re pleased to support Pear’s mission to create the next generation of therapeutics and deliver better patient outcomes.”
In conjunction with the financing, , and Elena Viboch, an investor at SoftBank Investment Advisers, will join Pear’s Board of Directors. Ms. Reddy will contribute as a Board Observer.
“It is a privilege to join Pear at this exciting time,” says Nancy Schlichting, retired CEO, Henry Ford Health System, and board director at Walgreens Boots Alliance and Hill-Rom Holdings Inc, who joins Pear’s board of directors. “Prescription digital therapeutics have the potential to change healthcare in many profound ways. Using technology to treat serious disease is an idea whose time has come, and I am proud to pioneer this new space with Pear and with SoftBank Investment Advisers.”