Kyros, First of its Kind Recovery Industry Technology Platform, Raises 4.4M in Seed Funding
Kyros, the digital technology platform bringing providers, clients and recovery organizations together into a virtual marketplace, announced it raised $4.4 million in a seed financing round led by Rally Ventures, with participation from strategic angel investors. Founder and CEO Daniel Larson recently launched the company in Minneapolis with the plan to expand to 10 more states across the US by June of 2023. Their team of 40 is growing with Kyros' most recent hire, Mara Glantz joining as Vice President of Clinical Operations. Prior to joining Kyros, Glantz was Clinical Director of Cerebral. She has been a healthcare practitioner for her entire 20-year career.
In 2021 over 30 million Americans struggled with substance use disorders and more than 60 million others engaged in risky patterns of use with alcohol and/or drugs, according to the Substance Abuse and Mental Health Services Administration (SAMHSA). More than 90% are not receiving adequate treatment, often because they lack access or have difficulty navigating existing treatment options. Born out of personal experience with addiction and recovery, Larson started Kyros to support those in all stages of recovery to ensure they continue their sobriety journey. Kyros' platform allows users, providers and recovery partner organizations to focus solely on the work of recovery, while handling the backend logistics for all stakeholders.
"Having worked in tech for the past 15 years, I saw that many of the problems facing the recovery industry had already been solved in other industries through technology. I knew we could build our marketplace platform to remove obstacles and let our diverse constituencies solely focus on the work of recovery," says Larson. The Kyros Platform supports the administrative needs of practitioners and providers, freeing up more time for clients. Larson adds, "This is why we are thrilled Mara is onboard. The level of medical and patient care expertise she brings to our team will help us reach more people and grow our community much faster."
"I am so excited to be joining Kyros," says Glantz. "My colleagues not only believe in the mission, but they also have the vision to create a better way forward. The Kyros platform is a game-changer and will finally provide much needed digital tools to dedicated front-line workers and those at every stage of the recovery process."
Kyros helps those in recovery access a network of treatment providers and support organizations tailored to individual needs. Their services also offer support for organizations and specialists dedicating their time to helping people manage their recovery. Some of these services include streamlining the process of billing and assisting with insurance claims.
"Recovery is a $43B industry that is poised to grow $10B in the next few years, before any bolstering from opioid settlements. Kyros is one of the fastest growing companies we've seen in some time," said Justin Kaufenberg, Managing Director of Rally Ventures. "Since Kyros began offering digital support in the recovery space, it's seen 90-100 percent growth quarter over quarter. They've grown from zero to multiple millions in ARR since starting 15 months ago, which underscores how well Kyros is addressing a crucial need in the recovery space."
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Since 1997, Rally Ventures' partners and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit rallyventures.com.
About Kyros
Kyros is the first of its kind digital platform for recovery services, harnessing the power of technology to connect and empower clients, providers and organizations. The pioneering digital interface provides tailored experiences for clients by fostering connections in person and online with providers, and streamlines access to business services like liability insurance, billing, payments, technology, and clinical supervision. Founded in 2021 by Daniel Larson, after he encountered obstacles in his own journey with substance use disorder, Kyros' mission is to increase positive outcomes for the millions of Americans managing their own recovery or dedicating their lives to helping others find support and wellbeing.
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