XRHealth

XRHealth is a Massachusetts-based virtual reality (VR) startup providing remote patient monitoring (RPM) solutions. The company’s on-demand virtual care capabilities leverage US Food and Drug Administration approved and CE registered medical extended reality (XR) technology (virtual and augmented reality) to provide drug-free, personalized therapies with a focus on three main therapeutic areas: pain management, neurological disorders, and behavioral health. The AR/VR applications and PICO Neo 2 VR headset are administered by licensed XRHealth therapists.

XRHealth offers three other products: Data Portal, External Control, and a mobile app. The company’s RPM solution, Data Portal, provides real-time, aggregated data of every measurement and training performed in the AR/VR applications, allowing therapists to view patient progress and adjust training plans. Therapists can also control and monitor live VR sessions and make adjustments in real-time using its XRHealth External Control software. The mobile app was developed for individual users, allowing them to track their progress and results, and view their digital training and treatment plan.

XRHealth operates in the D2C market, offering a three-tiered pricing plan starting at USD 69 per week. XRHealth’s solutions are also available to B2B customers as a covered benefit to more than 50 million people as of October 2021. As of February 2022, XRHealth had treated more than 2,000 patients in 5 virtual clinics and it anticipated a revenue growth rate of 400% YoY in 2021 to USD 1.7 million.

Key customers and partnerships

In September 2022, the company partnered with NeuroReality to offer its cognitive training solution via XRHealth's virtual clinics. XRHealth users were given access to “Koji’s Quest”, NeuroReality’s neurological rehab solution for individuals who have suffered from strokes and brain injuries.

In October 2022, the company partnered with HTC VIVE to develop and provide a distraction therapy virtual reality platform for patients undergoing painful or anxiety provoking medical procedures.

Funding and financials

In January 2024, XRHealth raised USD 6 million in a venture funding round led by Asabys Partners, with participation from NOVA Prime Fund, Clearbrook, and XRHealth's existing investors. The funds were expected to be used to enhance its platform’s capabilities alongside research and development, technological infrastructure, and user experience improvement. The company also planned to invest in partnerships with healthcare providers and organizations, as well as marketing efforts and geographic expansion.