The digital therapeutics market has seen an explosion of innovative products and interested investors. Regulators, too, have acknowledged their potential to improve outcomes in patients with chronic or debilitating conditions – often at lower cost and with less side effects than traditional drug therapies. To that end, the FDA has granted breakthrough device designation to Swing Therapeutics Inc. for its prescription digital therapeutic for the management of fibromyalgia.

TORONTO – A “silent epidemic” all but “ignored” by medical technology developers. That’s how Carlo Perez, founder and CEO of Swift Medical Inc., described the hesitancy of the industry to directly tackle chronic wound care through development of more advanced medical imaging and diagnostic systems. Undaunted, U.S. and Canadian investors have raised $35 million in series B funding to advance development and uptake of Swift Medical’s own AI-powered, digital wound care platform.

PARIS – Onera Technologies B.V closed a $12.5 million series B round to ramp up development of its patch-based Sleep Test System.

Osso VR has raised $27 million in a series B financing led by GSR Ventures. The funds will be used to accelerate expansion of its library and virtual reality (VR)-powered surgical training and assessment platform.

Tioga Medical Inc. closed a $30 million series B financing led by The Capital Partnership (TCP), with participation from Cormorant Asset Management, Amed Ventures and Shifamed angel investors. The financing will be used to advance product development, support preclinical testing, and initiate clinical experience for the company's transcatheter mitral valve replacement technology.

Looking to allow customers to directly purchase its diagnostics system that runs a full panel of blood tests, Babson Diagnostics Inc. raised $31 million in new series B financing. The proceeds will be used to scale the Austin, Texas-based company to bring its finger-prick blood microsampling system to retail locations across the country.

It’s a good time to be a virtual research organization, with investors apparently eager to get into the segment. As part of that trend, Obviohealth Inc. reported it raised $31 million in series B financing, following on the heels of 4G Clinical's announcement on Tuesday of a $230 million investment by Goldman Sachs Asset Management and a $280 million transaction for Science 37 in May 2021.

Onconano Medicine Inc. raised around $50 million in series B financing to accelerate the momentum of its technology designed to diagnose and treat cancer with high specificity. The biotech company’s nanosensor works by reacting to low pH and illuminates cancer like a lightbulb, distinguishing cancerous tissue from healthy tissue.

Cleerly Inc. snapped up $43 million in a series B fundraising round to develop artificial intelligence (AI)-enhanced imaging to better understand heart disease and more accurately project patient outcomes. Vensana Capital led the round with participation from the American College of Cardiology, Cigna Ventures, Dititx Partners, Lrvhealth (formerly Long River Ventures), New Leaf Venture Partners and returning investors.

Medtrace Pharma A/S raised $30 million in a series B round to ramp its platform for production, infusion and analysis of ¹⁵O-water in medical imaging. Swiss-based Swisscanto Invest, along with fund managers ATP and Bankinvest group from Denmark, are the lead investors. “We can now ramp our European and U.S. expansions plans in myocardial perfusion imaging and in other indications in need of perfusion data,” Martin Stenfeldt, CEO and co-founder of Medtrace, told BioWorld.