Boston-based XRHealth is merging with Barcelona, Spain-based Amelia Virtual Care and the new company will be called XRHealth.
The union aims to create an XR therapeutic powerhouse, uniquely capable of addressing both physical and mental health issues. The combination of the two businesses is expected to deliver significant revenue during the coming months, distancing all other platforms to become the leading XR/VR therapeutic solution in the market.
About the two companies
XRHealth integrates immersive virtual reality and augmented reality (AR) technology, licensed clinicians, and advanced data analytics on one platform, providing a comprehensive therapeutic care solution that enables patients to receive treatment from the comfort of their homes. The technology helps clinicians treat patients who have complex medical conditions such as Parkinson’s Disease and Multiple Sclerosis. The platform also has demonstrated efficacy in providing post-stroke rehabilitation and in treating a broad range of physical health issues, including acute and chronic pain, post-stroke needs, fibromyalgia, anxiety, stress, dementia, and menopause-related symptoms.
On the other hand, Amelia Virtual Care offers comprehensive and flexible virtual reality software, Amelia VR, for mental health professionals to use in day-to-day clinical practices. Amelia VR provides more than 140 virtual environments, each designed by clinicians and built on the most widely accepted and effective paradigms of psychology related to cognitive-behavioral therapy (CBT). Further, the Amelia VR library enables therapists from around the world to easily access exposure tools and systematic desensitization techniques to facilitate their psychoeducation sessions with patients.
On the record
According to Miki Levy, XRHealth co-founder and CTO, “With our merger, we now have an end-to-end product that addresses privacy and security, multiple use cases with a variety of content, compliance and regulation, and operational tools to support scale (including real-time and asynchronous control of treatments and treatment plans, connectivity, integrations to EHR/CRM, and lines of communications). This solution is ideal for providers and third-party companies that want to help revolutionize healthcare with a XR software without investing time and money into building all the supporting infrastructure. We have a growing number of content partners today and expect this to increase dramatically after this merger.”
Xavier Palomer, founder and executive chairman of Amelia Virtual Care and Chief Growth Officer for the merged company, says the merger marks the most significant step yet in the company’s rapid growth in recent years. “We’re thrilled to join forces with XRHealth at a time when clinicians are adopting virtual reality as a mainstream tool for delivering high-quality care and engaging patient experiences. While VR is still novel to many patients, it’s a well-proven solution grounded in more than 30 years of research and experience.”
XRHealth CEO Eran Orr, who will remain CEO of the merged company, notes that the merger marks one of the most exciting new developments in the healthcare market. “Hundreds of papers and high volumes of clinical outcomes data have shown how powerful XR is for patients. Now that our industry is maturing, we’re ready to introduce the XR platform that any hospital and clinic can use, designed specifically for the healthcare market. The merger enables us to offer a one-stop shop to diverse players and streamline the technology in a way that will see XR devices adopted for a variety of treatments, with XRHealth leading the way for the entire industry.”
What’s next?
The completion of the merger is subject to the execution of definitive contracts by the parties, as well as to the satisfaction of certain conditions customary in this kind of transactions including the approval by the shareholders of both companies.
The merger was facilitated by Asabys Partners, a leading Barcelona-based venture capital firm specializing in health innovation and deep tech supported by Alantra and Banc Sabadell, and legacy investor at Amelia Virtual Care.