SPRY Therapeutics Secures $15 Million in Funding Led by Flourish Ventures and Others
- ByStartupStory | October 9, 2024
SPRY Therapeutics, an AI-driven practice management platform for physical therapists, has successfully raised $15 million in its latest funding round. The round was led by Flourish Ventures, alongside participation from Together Fund, Fidelity’s Eight Roads, and F-Prime Capital. This funding brings SPRY’s total capital to $25 million since its inception in 2021.
The fresh investment will be utilized to drive SPRY’s rapid expansion across the US market, where the platform has already made significant strides. In just 18 months, SPRY has partnered with over 105 physical therapy clinics across 30 states, providing an end-to-end solution for clinical, financial, and administrative management.
“SPRY is transforming physical therapy with their AI-driven platform, streamlining clinic operations and improving patient outcomes. We’re excited to support their mission to empower clinics and drive greater efficiency across the industry,” said Manav Garg, Co-founder and Managing Partner at Together Fund.
Founded by Brijraj Bhuptani, former CTO at Ola, and Riyaz Rehman, SPRY is designed to simplify the complex business processes faced by physical therapists. The platform automates key functions such as billing, patient intake, assessments, home exercise plans, electronic medical records (EMR), and revenue cycle management, helping clinics manage both clinical and administrative tasks more efficiently.
“SPRY’s billing-centric, full-stack platform uniquely addresses the complex business processes in PT clinics, offering a single solution for finance, operations, and patient success,” said Kabir Kumar, Partner at Flourish Ventures. “SPRY’s platform directly benefits US physical therapists, from solo practitioners to larger clinics, by addressing the major hurdles of insurance reimbursements and cash flow management that often challenge these clinic owners,” he added.
In 2022, SPRY raised $7 million in a funding round led by Eight Roads Ventures, with participation from F-Prime Capital and existing investors. The company’s latest funding signals confidence in its potential to revolutionize physical therapy with innovative AI-driven solutions.
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