PORTLAND, Maine – MedRhythms, a digital therapeutics company that is using sensors, artificial intelligence and music to develop products that help people with neurologic injuries and diseases recover walking functions, recently raised an oversubscribed Series A round of financing. The company intended to raise $4 million but raised $5.3 million due to substantial interest, and closed on $5 million, said Brian Harris, CEO and co-founder of MedRhythms, in a statement. This funding will enable the company to develop and launch a digital therapeutics platform that focuses on building evidence-based prescription products for people with neurologic injuries and diseases to improve and measure walking. While the first product on the platform focuses on the post-stroke population, the pipeline includes products for Parkinson’s disease, multiple sclerosis, aging-in-place and traumatic brain injury. Harris said MedRhythms now plans to hire software, product and commercial professionals. “Developing digital therapeutics based on music requires the right mix of talent on the team, including experts in music, biotech, health care and technology,” he said. Additionally, MedRhythms has added Peter Werth to its board as lead investor, as well as Ray Pawlicki and Bill McKee. “MedRhythms has excellent growth prospects with a pipeline of therapeutic and diagnostic products in large, growing markets and is building the right team to execute,” said Werth, chairman and president of Chemwerth and leader of the investment round, in a statement. “We found MedRhythms’ strategy and business plan to build digital therapeutics for walking a compelling investment opportunity.” Harris said the company plans to eventually develop different algorithms as personalized therapeutics to address issues caused by neurologic injuries and diseases.
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