Affect Therapeutics

Virginia-based Affect Therapeutics is a digital therapeutic provider that offers digital treatments solutions for both alcohol and substance abuse. The company’s solution, Affect, operates via an app and provides users with daily challenges to encourage sobriety and a healthy lifestyle. The app also has in-built functions to offer users one-on-one sessions with counsellors, access to therapy groups, psychiatric consultations, and periodic drug/alcohol screenings. The app utilizes gamified mechanics, including providing monetary rewards for completing tasks and additional rewards for maintaining and 'streaks' of sobriety, to improve user stickiness. The company provides a variety of treatment plans to encourage users to quit habit forming substances such as alcohol, marijuana, meth, cocaine, or prescription stimulants.

The company operates both on a D2C basis as well as a B2B2C basis, working with healthcare providers to offer its solution to users while accepting most health plans for access. As of July 2023, the company has outpatient treatment licenses in 20 states and aims to cover a majority of the US population by the end of 2023.

Key customers and partnerships

As of July 2023, the company had secured several partnerships with major health plans such as UnitedHealthcare, Aetna, Humana, Molina, and Centene.

Funding and financials

In July 2023, the company raised USD 16 million in a Series A funding round led by ARTIS Ventures, with participation from other venture capital firms including Samsung Next and LifeArc Ventures. The funds were set aside to grow the company’s geographical footprint across the US, expand its programs, and invest in its app. Post-funding, Stuart Peterson of ARTIS Ventures joined Affect Therpautic’s board with Dr. Imran Hamid of LifeArc Ventures, who joined the board as an observer.