Digital therapeutics (DTx) firm Sidekick Health today announced a raise of $55 million (€52M) in Series B funding.
The round was led by London-based venture capital firm Novator Ventures, with additional participation from Wellington Partners, Asabys Partners, and Frumtak Ventures, and a US-based strategic investor that will be revealed at a later stage.
WHAT IT DOES
Sidekick develops and delivers personalised DTx and programmes for chronic and lifestyle disease management, ranging from diabetes to ulcerative colitis and smoking cessation.
The firm operates in partnership with US-based health company Anthem Inc. to offer digital-first care programmes, as well as global pharmaceutical giants Pfizer and Bayer, to develop integrated combination therapeutics.
During the height of the pandemic, Sidekick assisted the Government of Iceland by providing the remote triaging, remote monitoring and management of people infected with COVID-19.
WHAT IT’S FOR
Sidekick, which has offices in Berlin, Boston, Reykjavik and Stockholm, says it is now looking to further diversify its portfolio by expanding its chronic disease treatments across more therapeutic areas, bolstering existing partnerships and forging new alliances with key stakeholders across the healthcare ecosystem.
Meanwhile in the DTx space Berlin-based startup HelloBetter recently announced a $4.2 million (€4M) extension of its $6.3 million (€6M) Series A funding round, bringing the total investment round to $10.5 million (€10M). The funds will be used to push the commercialisation of HelloBetter’s products in the German market and advance its expansion.
Also this year, Pfizer announced a new strategic commercial partnership with Swedish startup Alex Therapeutics to create DTx for nicotine addiction treatment for the German market.
In December 2021, UK digital mental healthcare firm ieso announced a raise of $53 million (€47M) in Series B financing to help take its DTx solutions through regulatory approvals and to market in the UK and US. Its core product offers artificial intelligence (AI) powered digital cognitive behavioural therapy (CBT) delivered by a therapist.
ON THE RECORD
Sidekick chief executive officer and cofounder Dr Tryggvi Thorgeirsson said: “By harnessing the power of technology we have a unique opportunity to deliver personalized treatments via smartphones and other mobile devices, empowering people to take control of their own health.
“The major challenge facing the world’s healthcare systems is how to support and treat people who are dealing with with two or more chronic conditions. The cornerstone of Sidekick’s approach is our multi-chronic digital therapeutics platform, and this funding will allow us to scale even faster the production of a new generation of clinical treatments across all major chronic diseases.”
Novator Ventures general partner and founder Birgir Mar Ragnarsson, who has joined Sidekick’s board of directors, said: “Novator Ventures recognises the immense opportunities presented by third generation therapeutics and Sidekick’s ability to scale and operate at the global level. We look forward to working closely with the Sidekick team to transform how healthcare is delivered.”