Karuna Labs Secures $3 Million Seed Funding to Advance VR Therapy for Chronic Pain

On September 17, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Karuna Labs, a VR solutions company, announced it had secured $3 million in seed funding. The round was led by Baseline Ventures, with participation from Anorak Ventures, AET Fund, Hustle Fund, Correlation Ventures, and Dreamit Ventures.

Karuna will use the proceeds from this financing round to conduct clinical trials for its VR therapy, further develop its technology, and expand its team.

Karuna, founded in 2016 and headquartered in California, USA, is a VR technology company. The company was established by a team of neuroscientists, pain management physicians, physical therapists, and IT experts in the healthcare sector. Karuna leverages VR technology to retrain patients’ brains, thereby alleviating chronic pain in the limbs, neck, and lower back, offering an alternative to traditional pharmacological therapies or costly invasive surgeries.

Karuna’s products leverage expertise and technologies in physical therapy, pain psychology, cognitive neuroscience, and functional restoration. The company offers Karuna Home, a solution for home use, and Karuna Pro, an advanced solution for hospital settings. Karuna’s products can be used to treat lower back pain, shoulder pain, neck pain, stroke-related pain, complex regional pain syndrome, phantom limb pain, fibromyalgia, postoperative pain, and neuropathic pain.

It is reported that Dr. James Petros and Andy Riedel, experts in the medical and VR technology industries, will join Karuna as its Chief Medical Officer and Chief Technology Officer, respectively.

Dr. Petros is the Founder and CEO of Allied Pain & Spine Institute, specializing in interventional pain and musculoskeletal care, and holds triple board certification in Physical Medicine and Rehabilitation, Pain Medicine, and Regenerative Medicine.

Riedel has been dedicated to providing technical support, including VR and server infrastructure, to the gaming communities of companies such as PlayStudios, Kabam, and Zynga.

Lincoln Nguyen, CEO of Karuna Labs, stated, “This financing marks a significant milestone in the company’s history, solidifying Karuna’s leadership in transforming the treatment of chronic pain and restoring patients’ quality of life. We are establishing the first line of defense against chronic pain, leveraging technology to improve patients’ lives and reduce their reliance on invasive surgeries and opioids.”

Steve Anderson, founder of Baseline Ventures, stated, “Karuna Labs is leveraging immersive virtual reality technology to address chronic pain, enabling patients to manage their condition without relying on opioids or costly invasive surgeries. We are highly optimistic about this innovative team of medical and technology professionals, who are poised to make a profound impact on the neurorehabilitation industry.”

Baseline Ventures was founded by Steve Anderson in 2006. Headquartered in California, USA, it primarily invests in seed-stage technology companies.

Anorak Ventures, headquartered in San Francisco, USA, is a venture capital firm that primarily invests in early-stage technology companies.

AET Fund, established in 2017 and headquartered in Tokyo, Japan, is a venture capital fund focused on the intersection of entertainment and technology.

Hustle Fund, established in 2017 and headquartered in California, USA, is a seed fund primarily investing in early-stage startups.

Correlation Ventures, established in 2006 and headquartered in California, USA, is an emerging venture capital firm with assets under management exceeding $350 million.

Dreamit Ventures, founded in 2008 and headquartered in New York, USA, primarily invests in startups in the fields of healthcare, health technology, and urban technology.

(Compiled by Hu Yifan)