MedRhythms adds $2M and new investors to VC funding round
Photo / Jim Neuger
MedRhythms co-founders Brian Harris, left, and Owen McCarthy were honored on the 2018 Mainebiz Next List.
Portland-based digital health startup MedRhythms has added another $2 million to its latest round of venture capital funding, bringing the total to $27 million.
The add-on funds, announced Tuesday, come from two new investors. Global Brain, one of Japan's largest venture capital firms, is investing through its CVC JGC MIRAI Innovation Fund. The other new funder is Bose Ventures, the corporate venture capital arm of Framingham, Mass.-based Bose Corp. that invests in startups focused on wearables, wellness and audio.
The $2 million comes on top of $25 million in Series B financing announced in July, co-led by Morningside Ventures and Advantage Capital with participation from existing investor Werth Family Investment Associates.
"We’re excited to receive additional Series B funding from leading investors Global Brain and Bose Ventures to accelerate development of our cutting edge digital therapeutics pipeline across multiple therapeutic indications,” said Brian Harris, CEO and co-founder of MedRhythms, which uses clinical sensors, software, and music to measure and improve walking for patients with a neurologic injury or disease. The company currently has 26 full-time employees.
In a partnership with Universal Music Group unveiled in September, MedRhythms plans to bring "prescription music" to patients for the first time from Universal's music catalog.
"Over the last year, we’ve made significant progress, and we anticipate the announcement of our study results for our most advanced digital therapeutic program in chronic stroke soon," he added. "With this additional funding, we look forward to getting our products into the hands of patients that need our help and impacting the lives of those living with neurologic disease and injury.”
Yasuhiko Yurimoto, CEO and general partner of Global Brain, lauded MedRhythms as unique and inspiring.
"The team is pioneering the next generation of digital therapeutics, and we, together with JGC JAPAN Corporation, are thrilled to be part of their mission to improve walking for patients with stroke and other neurologic diseases,” he said.
Adam Jackson, head of M&A and ventures at Bose Corp., said, "What MedRhythms has accomplished in such a short time is extremely impressive, developing music-based digital therapeutics to help people live healthier and more engaged lives by improving their walking ability. Given our commitment to audio products and research, we’re excited to work with MedRhythms and support their efforts to bring these innovative solutions to patients with chronic stroke walking deficits.”
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