BehaVR has announced its merger with OxfordVR. BehaVR is a leader in building evidence-based, immersive, digital therapeutics. Their suite of clinically validated therapeutics cover a range of mental health and behavioral conditions. In 2021, BehaVR announced a development and commercial relationship with Sumitomo Pharma that could lead to $140 million in milestone payments if they achieve commercial success.
Spun out of Oxford University, OxfordVR leverages 20 years of research into the potential of VR for creating automated psychological treatments. Their platform has FDA Breakthrough device designation for the use of automated, VR-based, cognitive behavioral therapy.
The companies say that the merger will make them the largest virtual reality healthcare delivery platform. They will operate under the BehaVR brand. Speaking of the merger, BehaVR CEO and Founder Aaron Gain said: "In bringing together two innovative virtual reality therapeutics teams, we are positioned to serve the widest range of patient populations possible at a time of intense need."
The merger has also fuelled a Series B round, with Accenture Ventures announcing that it has joined the funding round. Together with investments from Oxford Science Enterprises and Optum Ventures amongst others, the Series B round has reached $13 million.
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Click here to read the original merger news article and here for the investment article.