BOSTON, April 2, 2019 /PRNewswire-PRWeb/ -- DynamiCare Health, a Massachusetts-based addiction recovery technology company, has raised $4.1 million in seed funding to support the rollout of its evidence-based platform to help people overcome substance use. The funding comes from Hyperplane Venture Capital and a number of other investors, including leading mental health and addiction advocate, former U.S. Rep. Patrick J. Kennedy.
"DynamiCare Health is a sophisticated and elegant approach to an incredibly difficult and personal problem millions of Americans face every day," said Vivjan Myrto, founder and managing partner of Hyperplane Venture Capital. "DynamiCare brings a world-class team with decades of experience in the field. Their solution to such a complicated and growing problem is unique and has never been done before. Their data-driven approach has already demonstrated impressive results and could change the way we think about recovery."
The DynamiCare digital platform reinforces a person's recovery from addiction by offering random breath and saliva tests conveniently through their phone; treatment attendance check-ins verified by GPS; supportive telehealth recovery coaching; and rewards for healthy progress with deposits on a smart debit card that blocks cash withdrawals and spending at bars and liquor stores. The company's incentive-driven approach automates Contingency Management, an overlooked methodology for supporting addiction treatment that has been shown effective in over 100 randomized controlled trials.
"We're humbled by the support we've received and look forward to working alongside our investors to grow our platform," said Eric Gastfriend, co-founder and CEO of DynamiCare Health. "Fusing proven interventions with readily accessible technology is allowing us to bring effective recovery tools directly to the people who need it and fill a noticeable gap in the addiction space."
"DynamiCare Health offers the kind of innovation the recovery community desperately needs. Evidence-based, affordable behavioral intervention is out of reach for far too many people," said Patrick J. Kennedy, former U.S. congressman, addiction activist, and founder of DontDenyMe.org. "DynamiCare's platform offers an easily accessible option for payers, employers, families and individuals to work together to help a person achieve sustained recovery."
The technology is already being used at seven addiction treatment programs across the country. With this seed funding, DynamiCare plans to bring its behavioral intervention app directly to consumers later this spring. Additionally, the funding will advance its telehealth recovery coaching service, which ensures the technology is tailored to each member's needs and motivates them to achieve their personal health goals.
In addition to being recognized for innovation by investors, DynamiCare has won numerous awards, including a Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH), Gov. John Kasich's Ohio Opioid Technology Challenge, and the Global Grand Prize in the Harvard Business School Alumni New Venture Competition. DynamiCare has also won a slot as a participant in the MassChallenge HealthTech accelerator for two years running.
DynamiCare Health
DynamiCare Health is a technology platform for addressing substance use and rewarding healthy behavior. The platform automates Contingency Management, an evidence-based methodology that has been demonstrated to be effective in over 100 randomized controlled trials. Through encouragement and accountability, DynamiCare members achieve healthy goals with drugs, opioids, alcohol and tobacco. DynamiCare Health was founded in 2016 by Eric Gastfriend, Harvard MBA tech executive, and his father, David R. Gastfriend, MD, an international expert in addiction psychiatry. For more information, visit http://www.dynamicarehealth.com.
Hyperplane Venture Capital
Hyperplane Venture Capital is a seed stage firm based in Boston, Massachusetts. The firm partners with exceptional founders who are harnessing machine intelligence, sensor technology, and cloud computing to design solutions at the nexus of perception, communication, and insight. Hyperplane's portfolio covers a wide array of industries including financial technologies, robotics, digital health, industrial automation, and others. For more information, visit https://hyperplane.vc/.
Patrick J. Kennedy
Patrick J. Kennedy, former U.S. Representative (D-RI), is the founder of The Kennedy Forum and Don'tDenyMe.org, a former member of the President's Commission on Combating Drug Addiction and the Opioid Crisis, co-founder of One Mind, and author of the New York Times bestseller "A Common Struggle: A Personal Journey Through the Past and Future of Mental Illness and Addiction." For more information, visit https://www.patrickjkennedy.net/.
SOURCE DynamiCare Health
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