Freespira, Inc.

Overview

Freespira, Inc. is an innovative digital health company specializing in FDA-cleared therapeutic solutions aimed at reducing symptoms of panic disorder, panic attacks, and post-traumatic stress disorder (PTSD). Founded in 2013 and based in Kirkland, Washington, the company has raised a total of $48.9 million through various funding rounds. Freespira’s solutions are structured around regulating respiratory irregularities, which underpin many panic and PTSD symptoms, through a digital therapeutic approach.

Recent Developments

April 2024: Freespira completed a significant Series D funding round, raising $22.6 million to further its growth and development. Key investors include Lightspeed Venture Partners and other institutional investors. This funding will be pivotal in scaling operations and expanding its market reach.
2023: Freespira was recognized as one of Fast Company’s Most Innovative Companies, a testament to its cutting-edge approach in digital therapeutics. This accolade highlights Freespira's advancements in addressing mental health challenges through technology.
February 2023: The company was spotlighted in multiple publications for its innovative treatment methods, emphasizing its role in the digital therapy landscape.
October 2022: Reported data showed significant healthcare savings through the implementation of Freespira’s therapies, including a 65% reduction in emergency room visits and a 68% reduction in pharmacy costs for patients engaged in the program.
July 2022: A major partnership with Security Health Plan was initiated, allowing members to access Freespira’s digital therapeutic for panic and PTSD symptoms.

Attribute	Information
Founding Date	2013
Headquarters	Kirkland, Washington, USA
Founders	Beth Siegelman
Revenue	$8.4 million
Key Investors	Lightspeed Venture Partners, Aphelion Capital, Medvest Capital
Industry	Digital Therapeutics
Employees	44

Early History

Freespira, originally operating under the name Palo Alto Health Sciences, was conceived in 2008 by Beth Siegelman. The company initially focused on leveraging research in breathing techniques as a treatment for panic disorders. With the intention of tapping into the unmet needs within mental health management, Siegelman’s leadership saw the development of the digital therapeutic that Freespira is renowned for today. In 2013, the company underwent a rebranding to Freespira, reflecting its core mission of revolutionizing the mental health treatment landscape through accessible technology.

Company Profile and Achievements

Freespira has made a significant mark in the behavioral health sector by offering a non-invasive, drug-free digital therapeutic solution. This pioneering therapy involves a simple setup: a breathing sensor and a custom tablet that together help patients visualize and correct their irregular breathing patterns. This treatment is especially significant for:

Patients with Panic Disorders and PTSD: Facilitates the regulation of respiratory patterns to alleviate symptoms.
Healthcare Providers: Offers a novel approach that supports reduced healthcare costs and improved patient outcomes.
Employee Health Plans: Utilized by several health plans and employers to address mental health issues effectively while minimizing medication dependency. Freespira’s achievements also include multiple partnerships and comprehensive studies that underscore its cost-effectiveness and therapeutic efficacy. These efforts are complemented by a dedicated Advisory Council to guide its strategic expansions and innovations.

Current Operations and Market Position

Freespira continues to lead in developing digital therapeutic tools that transform the management of anxiety and PTSD symptoms. The company differentiates itself by:

Providing an at-home treatment option, eliminating the need for medication, and aligning with the personal schedules of users.
Being a key player in the market for digital therapeutics, with a noteworthy position recognized by healthcare providers and insurance companies.
Maintaining partnerships that broaden access to its therapies, notably through collaborations with veteran healthcare and private insurance plans.
Building a sustainable business model around reducing healthcare costs while enhancing patient quality of life through innovative therapeutic approaches.

Conclusion

Freespira stands out as a beacon of innovation in the digital therapeutics industry, focusing on tackling panic disorders and PTSD through proven, technology-driven methodologies. Its ongoing efforts have garnered investments that will further its capacity to impact healthcare positively. Moving forward, Freespira's continued emphasis on research, expansion of strategic partnerships, and scaling of its therapeutic solutions predicts a promising trajectory. As the digital health landscape grows, Freespira is set to play a vital role in redefining mental health care accessibility and effectiveness.