The round was led by Eight Roads Ventures with participation from F-Prime Capital and Together Fund.
Funds will be used to accelerate the company's mission to build the future of practice management for physical rehabilitation
DELAWARE, June 22, 2022 /PRNewswire/ -- Spry, an end-to-end patient and practice management SaaS platform for physical therapists, today announced that it has successfully completed a new round of funding to accelerate its mission to build the future of practice management for physical rehabilitation. With this new round, the company has raised over US $10 million to date. The round was led by Eight Roads Ventures, with participation from F-Prime Capital and existing investor, Together Fund.
"Our mission from day one has been to create a patient-first, tech-driven solution that anticipates patient needs before they step into the physical therapist's clinic and guides them through the duration of the treatment" said Brijraj Bhuptani, CEO & Co-founder of Spry. "With our 25 member strong team, we have been able to build a new-age, reliable and trustworthy platform to enable physical therapists to manage an omnichannel practice and improve the quality of patient care. We look forward to working with our new investors, Eight Roads Ventures and F-Prime Capital, as we accelerate our mission to be the platform of choice for physical therapists globally."
Founded in 2021 by Ola's former chief technology officer, Brijraj Bhuptani, and Riyaz Rehman, Spry aims to democratize the accessibility and affordability of movement health through its full-stack digital health platform. It enables practitioners and owners of physical therapy centers to manage their clinical and administrative functions using a single tool. The platform supports a clinic's end-to-end operations, from patient intake to scheduling, communication, assessments, electronic medical records ('EMR'), revenue cycle management, home exercise plans, adherence tracking and patient lifecycle management.
There is an increased demand for physical therapy in the United States, Spry's key target market, with more consumers striving to adopt healthy and active lifestyles, a growing aging population and favourable payer policies that are reducing the need for prior physician authorization. Physical rehabilitation services in the U.S present a $56 billion opportunity, with outpatient demand contributing a significant percentage. Many physical therapists are also setting up their own private practices, giving them increased autonomy and the ability to personalize treatment.
New regulations have incentivized practice owners to adopt EMR solutions, and the inclusion by the Centers for Medicare & Medicaid Services to allow the reimbursement of remote physical therapy sessions has driven further adoption of new age practice management SaaS solutions.
"Spry's comprehensive and omnichannel platform is a very compelling value proposition to the growing number of physical therapy practices who aspire to provide a continuum of care to their patients, in-clinic and at home. We are very excited to partner with Brijraj, Riyaz and the team as they continue on their journey to revolutionize the physical rehabilitation industry." said Dr. Prem Pavoor, Senior Partner, Head of India & Healthcare Investments at Eight Roads Ventures.
Within a large market, Spry's solution enables physical therapists to efficiently manage their offline practice and compete online with direct-to-consumer digital therapy platforms. The self-assessment portal, which is unique to the platform, leverages computer vision technology to provide patients with a comprehensive assessment of their mobility and flexibility through auto-generated scorecards. This allows physical therapists to manage their time more effectively, as they can access a patient's scorecards in the initial appointment.
"Spry has built a game-changing physical rehabilitation platform that allows providers to streamline operations and increase revenue while delivering a collaborative and seamless experience for their patients," said Carl Byers, Partner, F-Prime Capital. "F-Prime strongly supports the team at Spry and is confident in their ability to execute on its mission."
Spry has a 25 team member strong team across both India and the U.S. In the coming months, the company aims to expand its team in India and the U.S, especially across its engineering and go-to-market functions.
"It's only been a few months since we announced our partnership with Brijraj & Riyaz, but in these few months, we have been thrilled to see Spry scale from being a grand vision to disrupting how movement health is delivered and now being live across multiple clinics in the U.S. Spry's product has inspired us to double down on our partnership, a product that not only provides immaculate value to physical therapists globally but is also truly loved by every stakeholder in the value chain." Manav Garg, Founder of Together Fund.
Spry is a purpose built platform for the physical rehabilitation industry. It helps therapists streamline care delivery, increase patient inflow and reduce administrative costs while also helping patients improve outcomes by making it easy to understand and follow care plans. Spry has been able to achieve this by using physical rehabilitation specific workflows, advanced computer vision technology and new age product design paradigms. Further Information: http://sprypt.com/
About Eight Roads Ventures:
Eight Roads Ventures is a global venture capital firm backed by Fidelity, managing $7 billion of assets across offices in China, India, Japan, and the UK. Our 50-year history of investing includes partnerships with over 300 healthcare and technology companies. In May this year, Eight Roads launched its first dedicated US$250 million healthcare and life sciences fund for India. Eight Roads Ventures' India active and exited healthcare partner companies include Ashish Life Science, Caplin Steriles, Carestack, Cipla Health, Core Diagnostics, Denali Therapeutics, Doceree, eKincare, Eywa Pharma, Immuneel Therapeutics, Laurus Labs, Medwell Ventures, NOCD, Plasmagen Biosciences, Proximie, OZiva, PharmEasy, Richcore Lifesciences, Specsmakers, Spry, Toothsi, Trivitron Healthcare and Ujala Cygnus.
Further information: https://eightroads.com
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