Novartis, VC firms invest $64M in 'digital therapeutics' company

Pear Therapeutics raised $64 million in a Series C financing round, including an investment from Swiss pharmaceutical company Novartis.

Pear Therapeutics, which launched in 2013, develops software-based disease treatments, which the company refers to as "digital therapeutics." In November, Pear Therapeutics and Sandoz — a division of Novartis — released reSET, a prescription-only app and the first FDA-cleared digital therapeutic for substance use disorder.

Pear Therapeutics said the $64 million will support the company's efforts to commercialize reSET worldwide, along with funding the development of digital therapeutics for different diseases.

"Pear now kicks off 2019 with additional capital to bring [prescription digital therapeutics] to patients," said Corey McCann, MD, PhD, president and CEO of Pear Therapeutics. "We look forward to establishing [prescription digital therapeutics] as a widespread modality for directly treating a range of serious diseases."

The company's Series C financing round was led by investment firm Temasek. Other investors in the financing round included existing investors Novartis, 5AM Ventures, Arboretum Ventures, Jazz Venture Partners, The Bridge Builders Collaborative and investment firm EDBI.

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