HypnoVR, a specialist in digital therapies to manage pain and stress, has raised €4.5 million. This series A funding round involved newcomers, including lead investor Theodorus (Belgium), the Banque des Territoires (France) operating for the French state as part of the Investments for the Future Programme (Programme d’investissements d’avenir, PIA), Akiles (Belgium) and Capital Grand Est via Alsace Création (France).
They were joined by some of the company’s previous investors, including Guillaume Richard, founder and CEO of OuiCare (French market leader in home care services), and the family office of Daniel Caille, founder and CEO of Vivalto Santé (third largest provider of private hospital services in France). The company also received funding from Bpifrance, the French public investment bank.
The funds will allow HypnoVR to accelerate the commercial roll-out of its virtual reality-based medical hypnosis solution in France and globally. The company will also be stepping up efforts in its R&D programme to further increase the therapeutic efficacy of its solution and broaden its scope of application to other medical and paramedical fields.
Founded by Dr. Denis Graff and Dr. Chloé Chauvin, both anaesthetists and hypnotherapists, and Nicolas Schaettel, an entrepreneur specialised in new technologies, HypnoVR has developed a digital therapy using medical hypnosis and Immersive Virtual Reality (IVR). The therapeutic efficacy of this solution has been clinically validated. It is currently used as a form of non-pharmacological anaesthesia to diminish sensations of pain, anxiety, and general discomfort during medical procedures. This helps to significantly reduce the use of sedative and anxiolytic drugs and the side-effects they cause in patients.
Nicolas Schaettel, president and co-founder of HypnoVR, said: “We are delighted with this new funding round involving a group of European investors. I would like to extend my most heartfelt thanks for their trust in our company. HypnoVR was one of the first specialists to develop and roll-out medical hypnosis solutions using virtual reality, after confirming its therapeutic efficacy in clinical settings. This funding shows the relevance and international potential of our medical hypnosis technology when it comes to reducing pain and anxiety. It also confirms that we are recognised as a leader in this field.”
Alexandre Jouve, principal at Theodorus, added: “We are very proud to participate in this new funding round for HypnoVR. This is the first time Theodorus has made an investment outside of Belgium. What really convinced us was the experience of the team and the numerous possibilities opened up by the company’s pioneering technology, which offers healthcare professionals an additional tool to care for patients both in hospital and private practice.”
HypnoVR’s digital medical hypnosis therapy, which brings a personalised experience via a virtual reality headset programmed according to the needs of each patient, is used in operating rooms to reduce pain and anxiety during anaesthesia procedures and in numerous specialist medical fields such as dental care, oncology, urology, gynaecology and medical imagery.
It can also be used to help healthcare professionals manage their stress better and improve quality of life at work. Currently more than 240 healthcare institutions across Europe use HypnoVR’s technology.
Recognised as a Class I medical device, HypnoVR’s medical hypnosis solution based on virtual reality can:
- Reduce pain before, during and after a medical procedure. It can be used for intra-operative or post-operative pain
- Lighten stress and anxiety levels: 60 to 80% of patients experience stress and anxiety during a medical procedure. To manage this, medical hypnosis has been employed for more than 20 years. More than 200 clinical studies show its efficacy
- Limit the use of sedation drugs (pre-medication and/or anaesthesia), thus reducing side effects and improving patients’ recovery and comfort
- Improve patient experience: with HypnoVR’s digital therapeutic solution, the patient can spend part of the procedure virtually isolated from the treatment environment, which is often anxiety-inducing
- Allow healthcare practitioners to make medical hypnosis accessible to a greater number of patients in accordance with their daily care practice.
