MedRhythms of Portland has closed on a $5 million funding round with investments from Maine Venture Fund, Maine Technology Institute and other contributors.
MedRhythms, a digital therapeutics company, said Thursday in a release that the company has completed the previously announced funding round led by Peter Werth of Werth Family Investment Associates LLC of Woodbridge, Connecticut. Other investors in the company include Jean Hoffman, founder and former CEO of Portland-based pharmaceutical firm Putney Inc. Werth and Hoffman also sit on MedRhythms’ board of directors.
MedRhythms uses sensors, software and music installed on a standard smartphone to measure a patient’s walking characteristics and help correct any problems. The patient listens to music through headphones, and based on feedback from sensors connected to the patient’s shoes, the software adjusts the tempo of the music.
The technology is designed to help patients suffering from neurologic injury or disease to recover walking functions. The company plans to seek Food and Drug Administration approval so its digital therapies can be prescribed by doctors.
MedRhythms said the investment will allow the company to develop and launch its patent-pending digital therapeutics platform, move into a larger office in Portland and hire additional staff.
“MedRhythms can put Maine on the cutting edge of the burgeoning digital therapeutics industry,” John Burns, managing director of the
Maine Venture Fund, said in the release. “We chose to partner with them not only for potential financial returns, but because they are as committed to growing the Maine economy as we are.”
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: jcraiganderson
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