RACCOON.WORLD CLOSES 900K EURO SEED FOR DIGITAL PHYSIOTHERAPY PLATFORM
The EU-based startup that helps people recover after injuries and neurological diseases has recently raised another 625K euro from private investment fund Quarter Partners in the second phase of its Seed funding round, which brings the round’s total to 900K euro.
If you have ever needed to visit a physiotherapist, you might know the struggle of long waiting lines and visiting a rehab facility several times a week to get better. Raccoon.World helps people to recover by bringing a therapist to their home, by means of the Internet. The startup works with insurers and rehabilitation facilities, providing them with a tool to conduct therapy with their clients digitally which becomes even more demanded in times of pandemic. Raccoon.Recovery is the first digital rehabilitation platform that allows building the entire rehabilitation process remotely, including:
- patient examination,
- creation of treatment plan,
- recovering by playing video games,
- versatile progress monitoring.
The solution can be used also for combined treatment when a patient comes to the rehab facility time by time and does monitored exercises at home.
HOW IT WORKS?
Using the cloud-based software, the therapist connects to a patient via an in-built video call tool to make examinations and build a treatment plan. The plan includes exercises needed to achieve the patient’s rehab goal. The patient wears specially developed sensors while doing prescribed exercises (by repeating video lessons or playing video games). During the lockdown, patients can use their smartphones instead of sensors. The therapist can monitor patient training remotely, even without the necessity to be present at each session because all the data is securely stored in his account.
There is one more thing that makes Raccoon.Recovery stand out at the market. In comparison to other gamified physiotherapy solutions, their unique algorithm allows patients to use existing video games for recovery, bringing gamification to a completely new level.
WHAT IS MONEY FOR?
The startup plans to put the new funds into expanding on their existing markets (Germany and Poland) and preparing for future scaling within Europe and Asia. The money will also be spent on the development of the new product functionality as well as conducting additional clinical trials for it.
I feel and know that we are doing something right, – says Svitlana Malovana, CEO and Co-Founder at Raccoon.Recovery. – Our customers – rehab facilities and insurers – report the significant increase of therapists effectiveness. With Raccoon they can treat more patients at a time and increase the revenue. At the same time, we see how effective the treatment with Raccoon.Recovery is for patients. Now, when our team is sure how good Raccoon.Recovery fits the customer needs, we are going to provide our solution to a wider audience.
WHAT’S GOING ON THE MARKET?
- The telehealth market is projected to have a sevenfold growth by 2025 – a five-year compound annual growth rate of 38.2%.
- Telecare finally was recognized at the state levels and reimbursed: ex., Rehabilitation 2030 program by World Health Organization in July 2019, Digital Therapy practice task force by World Confederation of Physical Therapy in April 2019, and German Digital Healthcare Act providing reimbursement of Digital Apps that comes in force in 2020 and a lot of.
- Global VC funding for Digital Health companies in the first half (1H) of 2020 shattered all previous 1H