Affect Therapeutics Secures $16M for Digital Addiction Recovery Platform

Affect Therapeutics, a provider of digital addiction treatment, has secured $16 million in Series A funding. The Virginia-based startup plans to use the funds to expand its operations and enhance its technology and data analytics capabilities. 

Affect Therapeutics offers an app-based platform that supports patients dealing with alcohol and drug addiction, providing services such as group and individual therapy, addiction psychiatry, social support, prescription medications, and progress tracking. Affect Therapeutics employs a behavioural therapy approach called contingency management to motivate individuals to remain in treatment by providing rewards for positive behavioural changes. These incentives vary, starting from completing small challenges on the app and earning 10 cents, to achieving a continuous streak of drug and/or alcohol-free testing and receiving a reward of $15.

Affect Therapeutics aims to expand its national presence, growing from serving patients in 12 states to covering all 50 states by early 2025. The company's goal is to address the significant gap in addiction treatment services and provide accessible care to the estimated 46 million people struggling with substance use disorders. Other players in the digital addiction treatment space include DynamiCare Health and Boulder Care.

Click here to read the original news story.