Quit Genius, a digital addiction treatment platform, has closed a $ 64 million Series B funding round. The round was jointly chaired by Kinnevik and Atomico, with additional participation from Octopus Ventures, Triple Point Ventures and Startup Health.
This, in addition to the company’s Series A round from last year, brings the total to $ 77.5 million.
WHAT THEY DO
Quit Genius offers treatment programs for tobacco, alcohol and opioid addiction. Applying drug-assisted treatment (MAT) principles, the company provides virtual cognitive behavioral therapy, medication, coaching, and an attached breathing sensor to help users overcome their addictions.
The company works primarily with employers and health insurers and, according to its own information, has helped more than 750,000 people overcome their addiction. Its platform has been validated in a number of clinical studies, and one from last year showed it to be an effective treatment for people trying to quit smoking in the short term.
“As doctors, my co-founders and I have seen firsthand the devastating effects of substance abuse,” said Dr. Yusuf Sherwani, Co-Founder and CEO of Quit Genius, in a statement.
“We designed Quit Genius to be the program that we as doctors want. We are pleased that our solution has been so well received by the market and, more importantly, that 8 peer-reviewed studies have clinically validated Quit Genius as best-in-class. “
WHAT IT IS FOR
Quit Genius will use the new money to fuel the expansion of its platform in the US
“In the short term, we are aggressively expanding our network of providers to cover the entire US population in all 50 states,” said Sherwani. “Our goal is that everyone has access to evidence-based treatment for tobacco, alcohol and opioid addiction on their own terms.”
Quit Genius started on its tobacco cessation program but expanded to include alcohol and opioid use disorders last summer.
There are a number of other startups with digital tools for addiction. Perhaps most notable is the FDA-cleared line of digital therapeutics for substance abuse from Pear Therapeutics. The company received de novo clearance in 2017 for reSET, which treats addiction to stimulants, cannabis, cocaine, and alcohol, and in 2018, it received clearance for reSET-O, which treats opioid use disorder.
Monument, an online alcohol use disorder treatment platform, closed a $ 10.3 million Series A funding round this year to build its brand and partner with health plans. There’s also Lucid Lane, a Los Altos, California-based telemedicine provider specializing in drug addiction and substance use disorders that raised $ 4 million in seed capital last year.
Also targeting smoking cessation is Carrot, which this month received an expanded indication from the FDA in a new 510 (k) approval for its connected breath sensor that can detect a user’s exposure to cigarette smoke. Now people can buy the Pivot Carbon Monoxide Breath Sensor without a prescription and use it without medical supervision.