Courtesy / MedRhythms
This schematic shows how the MedRhythms platform uses technology and music to improve gait in people with neurological illness or injury.
July 29, 2021
Portland-based MedRhythms gets $25M in latest venture funding round
File Photo / Tim Greenway
Owen McCarthy, left, and Brian Harris are co-founders of MedRhythms Inc. They were honored on the Mainebiz Next List in 2018.
By William Hall
MedRhythms Inc., a Portland-based digital health startup that uses sensors, software and music to help restore nervous system functioning and walking ability, has obtained $25 million in Series B venture capital funding.
The company on Wednesday said it will use the money to expand its team and operations. The financing was co-led by Morningside Ventures and Advantage Capital, with participation from existing investor Werth Family Investment Associates.
MedRhythms has raised a total of $34 million in private financing since launching in 2015. Previous funding included a round with investments from the Maine Venture Fund and the Maine Technology Institute, and Series A financing that raised over $5 million.
“We are delighted to welcome a top-tier group of leading health care investors that will support the company to advance development of our pipeline of prescription digital therapeutics,” MedRhythms co-founder and CEO Brian Harris said in a news release.
“We have made tremendous progress since founding the company, and this financing reflects strong support for our platform, people, strategy, and, most importantly, our mission.”
The company’s platform digitally provides a therapy, rhythmic auditory stimulation, to target neural circuitry with music. The therapy can enhance neurological function and lead to improved walking.
MedRhythms has received Breakthrough Device designation from the U.S. Food and Drug Administration for the company’s patented therapeutic to treat chronic stroke walking deficits, which is also undergoing clinical trials at several hospitals and research centers.
In addition, the company has expanded its pipeline into neurological conditions such as Parkinson’s disease, acute stroke and multiple sclerosis, and is currently conducting a neuroimaging study with Massachusetts General Hospital.
The company moved from Massachusetts to Portland in 2016. Harris, a certified music therapist, and MedRhythms co-founder and President Owen McCarthy were honored on the Mainebiz Next List in 2018.
Last November, MedRhythms and Northeastern University's Roux Institute in Portland unveiled a partnership aimed at generating strategic research collaborations, internships and cooperative work opportunities for Roux Institute graduate students at MedRhythms.
The company includes 17 full-time employees and plans to add a number of hires across the organization in the coming months, Harris told Mainebiz in an April interview.
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