Digital addiction treatment company Quit Genius scores $64M

This, in addition to the company's Series A round from last year, brings its total amount raised to $77.5 million.
By Mallory Hackett
02:40 pm
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Photo by Quit Genius

Quit Genius, a digital treatment platform for addiction, closed a $64 million Series B funding round. The round was co-led by Kinnevik and Atomico, with additional participation from Octopus Ventures, Triple Point Ventures and Startup Health.

This, in addition to the company's Series A round from last year, brings its total amount raised to $77.5 million.

WHAT THEY DO

Quit Genius offers treatment programs for tobacco, alcohol and opioid addictions. Using principles of medication-assisted treatment (MAT), the company provides virtual cognitive behavioral therapy, medication, coaching and a connected breath sensor to help users kick their addiction.

The company primarily works with employers and health plans and says it has helped more than 750,000 people overcome their addictions. Its platform has been validated in a number of clinical studies, and one from last year showed it was an effective treatment for people trying to stop smoking in the short term.

“As physicians, my co-founders and I saw firsthand the devastating effects of substance abuse,” Dr. Yusuf Sherwani, cofounder and CEO of Quit Genius, said in a statement.

“We designed Quit Genius to be the program we wish we had as physicians, that’s dedicated to helping individuals conquer their addictions and payers bend the cost curve. We’re excited that our solution has been so well received by the market and, more importantly, that 8 peer-reviewed studies have clinically validated Quit Genius as being best-in-class.”

WHAT IT’S FOR

Quit Genius will use the new cash to boost the expansion of its platform in the U.S.

“In the near term, we are aggressively expanding our provider network to cover the entire U.S. population across all 50 states,” Sherwani said. “Our goal is for everyone to have access to evidence-based treatment for tobacco, alcohol and opioid addiction on their own terms.”

MARKET SNAPSHOT

Quit Genius got its start with its tobacco cessation program but expanded into alcohol and opioid substance use disorders last summer.

There are a number of other startups with digital tools for addiction. Perhaps most notable is Pear Therapeutics' FDA-cleared line of digital therapeutics for substance abuse. The company got de novo clearance for reSET in 2017, which treats dependency on stimulants, cannabis, cocaine and alcohol, and clearance for reSET-O in 2018, which treats opioid use disorder.

Monument, an online platform for treating alcohol use disorder, closed a $10.3 million Series A funding round this year to grow its brand and to partner with health plans. There’s also Lucid Lane, a Los Altos, California-based telehealth provider specializing in medication dependence and substance use disorders, which raised $4 million in seed funding last year.

Also targeting smoking cessation is Carrot, which this month landed an FDA expanded use indication in a new 510(k) clearance for its connected breath sensor that can detect a user's exposure to cigarette smoke. Now people can purchase the Pivot Carbon Monoxide Breath Sensor over the counter and use it without doctor supervision.

 

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