Virtual alcohol use disorder treatment company Ria Health has completed an $18 million Series A funding round led by SV Health Investors.
Other participants in the round include limited partners SV, BPEA Private Equity and former investor SOSV.
WHAT HE DOES
Ria provides virtual care for alcohol use disorders, including drug treatments like naltrexone, acamprosate and gabapentin that could reduce food cravings.
Patients also receive recovery coaching that can help them set goals, develop coping mechanisms, assess their progress, and refer them to local therapy and support groups if needed. They can also access Ria’s app, where they can conduct virtual sessions, manage their prescriptions and track the results of a connected breathalyzer.
The startup said it plans to use the capital to expand its care delivery capabilities.
“As rose to drink dramatically during the pandemic, the talented founders and management team of Ria Health have led the way with an innovative treatment for alcohol use disorders by combining pharmacological and behavioral support,” said Michael Balmuth, managing partner of SV, in a statement. As part of the funding he joined the startup’s board of directors.
“Ria Health’s clinical approach and high quality results will continue to transform the addiction treatment industry.”
According to 2019 National Survey of Drug Use and Health, nearly 15 million people ages 12 and older in the United States have alcohol use disorder, but less than 10% of those who have had the condition in the past year have received treatment. About 95,000 people die each year from alcohol-related causes.
There are a number of digital health startups focused on substance use disorders, like Drug overdose deaths have also spiked amid the COVID-19 pandemic. Earlier this month, Boulder Care, which focuses on opioid and alcohol use, announced it had received $36 million in Series B funding.
In April, Eleanor Health recovered $50 million in Series C funding, less than a year after its $20 million Series B. Workit Health and Quit Genius also completed funding rounds last year.
Pear Therapeutics, which already offers digital prescription therapies for substance and opioid use disorders, received FDA Breakthrough Device Designation in November for a product for alcohol use disorders.