STARTUP-STORIES

Spry Therapeutics Secures $15M to Transform Physical Therapy Market with SaaS Solutions

Spry Therapeutics Secures $15M to Transform Physical Therapy Market with SaaS Solutions

SUMMARY

1. a Pune-based SaaS startup focused on physical therapy centers, raised $15 million in a funding round led by Flourish Ventures, bringing its total funding to $25 million. The company aims to revolutionize U.S. healthcare by streamlining insurance claims, clinical management, and financial services for physical therapy clinics.


2. Spry plans to expand its U.S. presence with a sales and servicing team and grow its client base, having already onboarded 105 clinics within 18 months. The company targets small physical therapy businesses that lack digital infrastructure to manage insurance claims.

Spry Therapeutics, a Pune-based software-as-a-service (SaaS) company focused on physical healthcare centers, has secured $15 million in a funding round led by Flourish Ventures. Existing investors, including Together Fund, Fidelity’s Eight Road Ventures, and F Prime Capital, also participated in the round, according to co-founder Brijraj Bhuptani. This new investment brings the company’s total funding to $25 million.


Transforming U.S. Physical Therapy Clinics

Spry Therapeutics specializes in building software that streamlines operations for physical therapy clinics, addressing insurance claims, clinical management, and financial services like payments and billing. With 130 employees in India, the company is leveraging local IT expertise to serve the U.S. healthcare market.


Bhuptani, former Chief Technology Officer at Ola, emphasized the scale of the U.S. healthcare industry, stating, "The U.S. healthcare market is not just one big $4 trillion opportunity—it’s thousands of $4 billion opportunities." Spry aims to penetrate this market by offering a deep, integrated solution for physical therapists (PTs) to manage their practices more efficiently.


Expansion Plans Following New Funding

With the fresh funds, Spry Therapeutics plans to set up a sales and servicing team in the U.S. and expand its client base. In just 18 months, the startup has already onboarded 105 clinics across the U.S. The company's focus will be on small physical therapy businesses, which often lack the means to digitize their insurance claims processes.


Partner at Flourish Ventures, Kabir Kumar, highlighted the startup’s potential, stating, “Spry is solving a real market need by targeting physical therapy clinics that lack the digital infrastructure to manage insurance claims. The backend IT talent in India plays a crucial role in building these solutions for the U.S.”


Riding the Wave of Preventive and Post-Surgery Care

The demand for physical therapy services is growing, fueled by increased awareness around preventive care and the need for rehabilitation after surgery. Spry Therapeutics is tapping into this expanding market, offering clinics the tools to improve patient care and clinic management through SaaS solutions.


Co-founder Riyaz Rehman, former head of business at Ridlr, emphasized that Spry is well-positioned to scale rapidly in this booming sector. “We’re targeting a massive market of small businesses in healthcare, and we’re excited to continue building tools that make their operations seamless,” Rehman noted.


With the growing demand for digital transformation in healthcare, Spry Therapeutics is poised to be a major player in the U.S. physical therapy software market. The startup’s focus on insurance claims, financial management, and clinic operations positions it as a crucial enabler for healthcare providers looking to streamline their services.

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October 11, 2024

Kalpana Maurya