Lucid Lane Secures Series A Funding to Grow Our Platform and Services
When we started Lucid Lane in June 2018, our mission was to empower people living with medication dependence (starting with benzodiazepines and opioids), co-occurring chronic pain, and mental health conditions like anxiety or depression who wanted to improve their quality of life and reduce their dependence on these habit forming medications. That mission remains true today. We’re delighted to announce we have completed our Series A financing round of $16MM, led by Accel Ventures, along with previous investors including Battery Ventures, AME Cloud Ventures, Morado Ventures, and strategic angel investors.
Since our Seed round last year, we have expanded our offering to provide Medication Taper Management (™) (for opioids, benzodiazepines, alcohol and nicotine) for those who are dependent on these medications and substances and Medication Assisted Treatment for opioids and alcohol diagnosed with substance disorder. Our software product that we have launched since our Seed round is a comprehensive telehealth SaaS platform backed by a robust analytics engine to deliver personalized and context sensitive treatment and support. Our web and mobile based application provides remote patient monitoring and allows our members to communicate with their dedicated counselors on a daily basis. The digital SaaS + Analytics Platform in combination with a licensed and trained team of counselors across 30 plus states, delivers a comprehensive end-to-end tele-therapy service. Members feel empowered through our service to initiate a taper in the safest possible environment, in a treatment protocol based on scientific evidence, real-time check-ins with their pain coach/counselors, and regular data-centric escalations through our proprietary digital health solutions.
About 40M people are prescribed opioids and benzos annually after a surgery or chemo in order to address acute and chronic pain as well as co-occurring mental health challenges such as anxiety and depression. These medications work well for a vast majority of the population to address pain and mental health. However, a very large population also becomes dependent on these medications and become persistent users of opioids and benzos. Their healthcare cost balloons significantly for the insurance health plans and self-insured employers. Our goal at Lucid Lane is to prevent these patients from sliding into persistent use and then eventually into medication dependency.
Our biggest advocates and doctors who need help managing this patient population. Doctors do not have the time, training or capabilities to help these patients on a daily basis to taper them safely. Regulators, medical boards, and medical institutions are rightly emphasizing safer environments in practicing medicine, so it’s crucial to create safeguards around the medication management of these drugs. Lucid Lane works directly with doctors across the country to help ensure that patients’ clinical needs are met in a comprehensive manner and that patients are safely tapered down as appropriate in close collaboration with the doctors.
Lucid Lane aims to democratize the process of access to care. We are in-network with many large commercial insurance payers around the country, as well as with CMS, including Medicare and Tricare. Hence our service costs nothing to the doctors and patients.
At Lucid Lane, we have brought together a world-class team of experts across clinical, technology and data sciences. Adnan Asar, co-founder and CEO, is the founding CTO of Livongo Health. He is joined by Stanford trained MDs, as well as, Ramin Naimi (CTO, previously at Intuit, Yahoo!), Roger Hong (CPO, previously Shutterfly), and David Etheridge (COO, previously Livongo, Realtor.) We are also very pleased to announce that Beau Norgeot will be joining Lucid Lane as the Chief Data Officer (SVP Clinical AI at Anthem). Our advisors consist of experts across chronic pain, perioperative medicine, surgery, physical medicine, and rehabilitation, obstetrics and gynecology, addiction medicine, psychology, and psychiatry.
