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Wednesday, February 28, 2024

Healthtech firm Spry gets $7M to build practice management for physical rehab

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Spry has secured funding of $7 million from Eight Roads Ventures. The healthtech startup will use the money to develop practice management for physical rehabilation.

Healthtech startup, Spry, has secured $7 million in capital from Eight Roads Ventures, with participation from F-Prime Capital and current investor Together Fund. So far, Spry has raised more than $10 million.

By offering a complete patient and practise management SaaS platform for physical therapists, Spry was founded in 2021 by Brijraj Bhuptani, a former chief technology officer of Ola, and Riyaz Rehman. The company’s goal is to democratise the cost and accessibility of movement health.

Brijraj Bhuptani, cofounder and CEO of Spry, stated, “Our objective is to build a patient-first, tech-driven solution that anticipates the patient’s requirements before they enter the physical therapist’s clinic, and leads them during the therapy.”

The company will put the funds toward developing a practise management system for physical rehabilitation. Practitioners and owners of physical therapy centres may handle their clinical and administrative tasks using a single tool thanks to the SaaS platform. From patient intake through scheduling, communication, evaluations, electronic medical records (‘EMR’), revenue cycle management, and home exercise regimens, among other things, it supports a clinic’s end-to-end operations.

Physical therapy is becoming more and more necessary in America, Spry’s main target market, as more people strive to live healthy, active lives, the number of seniors is growing, and favourable payer legislation.

Spry stated that “physical rehabilitation services in the U.S. provide a $56 billion potential, with outpatient being a primary driver of demand.”

Dr. Prem Pavoor, senior partner, head of India and healthcare investments at Eight Roads Ventures, noted, “Spry’s comprehensive and omnichannel platform is a very compelling value proposition to the growing number of physical therapy practises that aspire to provide a continuum of care to their patients, in-clinic and at home.”

According to Carl Byers, Partner at F-Prime Capital, “Spry has designed a game-changing physical rehabilitation platform that allows providers to optimise operations and improve revenue while offering a collaborative and seamless experience for their patients.”


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