SWORD Health reports that it has raised $8 million in a series A investment round led by Khosla Ventures and several other prominent angel investors to enable the tech-enabled physical therapy provider to expand its footprint in the US market.
The investment will bring SWORD Health closer to its ultimate goal of cutting the costs of musculoskeletal disorders (MSDs) in the US by half. The funding round will also allow the company to further expand the product’s clinical validation and engineering, according to a media release.
“Musculoskeletal disorders are driving work absenteeism, fostering opioid consumption, and paving the way to otherwise avoidable surgeries. We’re building the next 50 years of the physical therapy world, and with this we’re reshaping musculoskeletal care,” says SWORD Health’s founder and CEO Virgilio Bento, in the release.
SWORD Health features Digital Therapists engineered to bring physical therapy to patients’ homes. A clinical team of doctors and physical therapists remotely assesses, validates, and supervises each patient’s therapeutic program.
“Musculoskeletal care has had very little innovation in the past 50 years, and yet it is one of the most expensive areas in healthcare. SWORD can disrupt the physical therapy landscape with their end-to-end technical approach that enables exponentially more efficient delivery of care for patients and payers,” notes Vinod Khosla, founder of Khosla Ventures, in the release.
Existing seed investors also participated in the latest funding round, that follows a seed round of $4.6 million in April 2018. The company has now raised more than $15 million since its inception in 2015, per the release.
[Source(s): SWORD Health, Business Wire]