Temasek leads $50m Series B in digital health firm PEAR Therapeutics, EDBI joins round

A Temasek Holdings Pte employee walks past the company's signage in their office in Singapore. Photographer: Munshi Ahmed/Bloomberg

Singapore’s state-run investment firm Temasek Holdings Private Ltd led a $50 million Series B investment in US-based digital health firm PEAR Therapeutics.

Singapore-based EDBI also joined the round, along with new and existing investors including 5AMVentures, Arboretum Ventures, JAZZ Venture Partners, Novartis and the Bridge Builder’s Collaborative, according to a company statement.

Founded in 2013, PEAR Therapeutics said it was the first company to receive U.S. Food and Drug Administration (FDA) clearance for a prescription digital therapeutic with claims to improve clinical outcomes in a disease. The financing will allow the company to commercialize its lead programs and further develop its pipeline and platform, it added.

PEAR’s lead product is reSET, used for the treatment of opioid use disorder, which was cleared by the FDA in September 2017. In addition to its commercial products for treating addiction conditions, the firm said it was developing software-based treatments for schizophrenia, combat post-traumatic stress disorder, general anxiety disorder, pain, major depressive order, and insomnia.

Prior to this investment, PEAR had raised an undisclosed round of funding from 5AM Ventures in March 2015, followed by a $20-million round in February 2016 led by Jazz Venture Partners, 5AM Ventures and Arboretum Ventures.

“Our team made significant strides in advancing our pipeline of prescription digital therapeutics. We plan to use this additional capital to substantiate the clinical efficacy of our therapeutics across a variety of indications,” said Corey McCann, President and CEO of PEAR Therapeutics.

The global substance abuse treatment market was valued at $13.22 billion in 2016 and is expected to reach $27.91 billion by 2025.

Temasek owns a S$275 billion portfolio as of March 31, 2017. It had recently backed an $80-million round in Tessa Therapeutics, a Singapore-based biopharmaceutical company, along with other investors including EDBI, Karst Peak Capital, Heliconia Capital Management and Heritas.

Also Read:

Temasek co-leads $80m round in Tessa Therapeutics

Temasek Holdings makes strategic investment in OTPP-backed Busy Bees

Singapore’s EDBI joins $65m Clearlake Capital-led investment in MetricStream

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.