The XRHealth solution has proven compelling as demand for telehealth solutions increased last year following the outbreak of Covid-19
➨ Discount Tech, the technology banking arm of Israel Discount Bank, provided the funding
➨ XRHealth intends to invest in sales and marketing in key markets
➨ Bupa, Australia’s largest health insurer, embarked on an expanded trial of the XRHealth solution for physiotherapy in 2020
XRHealth, the telehealth provider that delivers virtual and augmented reality therapeutic treatments, is ready to embark on its next stage of growth after prospering in 2020 and landing $9 million in venture funding this week.
Discount Tech, the technology banking arm of Israel Discount Bank, provided the funding, which US-headquartered XRHealth, whose research and development centre is located in Tel-Aviv, intends to invest in sales and marketing in key markets.
One of those markets is Australia. Bupa, the country’s largest health insurer, embarked on an expanded trial of the XRHealth solution for physiotherapy in 2020.
This followed a successful initial pilot and saw virtual reality headsets provided to insured patients for using during exercise at home. XRHealth said a wider rollout was planned for this year.
More than 1,000%
The Covid-19 pandemic led to a significant need for telehealth solutions. In the US for example, telehealth services grew by more than 1,000% in March 2020, although usage there has dipped slightly with vaccine rollouts and lockdowns ending.
XRHealth’s solution has proven compelling as demand for telehealth solutions increased, combining virtual reality and other immersive technologies with a platform that patients can access via Pico Interactive headsets at home. Their doctors can monitor their progress and adjust a range of therapeutic treatments for pain management, depression, physical injuries, and more.
Eran Orr, founder and chief executive officer of XRHealth, comments: “XRHealth’s extended reality technology treats patients needing physical therapy, occupational therapy or seeking relief from Parkinson’s symptoms, pain, stress and anxiety, and many other conditions, and has proven successful outcomes.”
“The combination of engaging VR/AR games, personal one-on-one video sessions with therapists, and receiving treatment in the comfort of home, creates a pathway for success for patients to complete their therapy and achieve remarkable results.”
XRHealth raised $7m last year
Investors have reacted and backed XRHealth to capitalise on the increased demand for telehealth solutions. The company raised $7 million of funding in April 2020, at the pandemic’s initial height.
Commenting on this new funding, Guy Navon, head of Discount Tech, says: “We are very excited to take part and support the XRHealth journey in expanding their services globally, and provide them with venture debt backing. Virtual reality/augmented reality as a platform for telehealth takes medical treatment to a new level and makes therapy accessible to anyone, no matter where they are.”
Yuval Gavish, senior executive vice president and head of the corporate banking division at Discount Tech, adds: “Supporting XRHealth’s journey is an example of Discount Tech strategy in becoming a significant player for VC-backed companies in Israel’s high-tech ecosystem.”