Innovate UK: Healthy Ageing Project
December 1, 2021
Earlier this year, XR Therapeutics received £530,000 investment to use our technology and clinical expertise to make a real difference to the lives of people with phobias and anxiety.
Using immersive reality to recreate situations that cause can trigger symptoms of various phobias, XR Therapeutics combines traditional Cognitive Behavioural Therapy (CBT) and gradual exposure through a wide range of virtual reality environments. The therapies have been extensively researched and evaluated for nearly a decade and have been commended by NHS practitioners.
In May 2021 XRT completed its first funding round, which saw the company secure circa £180,000 from Innovate UK, £200,000 from Northstar Ventures and £150,000 from Business Angels.
Professor Jeremy Parr, Professor of Paediatric Neurodisability at Newcastle University and Founder of XR Therapeutics, said: “Through the use of immersive technology, we have helped people on a scale never seen before and we’re excited to be able to treat more patients around the UK and abroad.”
Richard Charnley, Investment Manager at Northstar Ventures, said: “It’s fantastic to see this socially conscious spin-out from Newcastle University focus on the healthy ageing aspect of phobias as well as those who suffer from autism. Due to its collaboration with the NHS and concentration on the US and UK markets, I have no doubt that XR Therapeutics will go from strength to strength.”
The funding received from Innovate UK was part of the Healthy Ageing programme and saw investors distribute grant funding from Innovate UK with private equity investment into UK businesses to deliver innovation in the healthy ageing market. The grant funding was from the Industrial Strategy Challenge Fund. The XRT team intends to use the funding to support the neurotypical adult population to allow our older citizens to remain active, independent and socially included. By overcoming phobias and fears, we will be able to support the over 50s to do the following;
- Start or resume and sustain physical activity, having overcome a life-limiting phobia or fear;
- Maintain health at work, as phobias and fears can severely impact a persons ability to function;
- Remain socially connected, phobias and fears can limit the opportunity to interact with people and create those strong social bonds.
If you know or treat someone who may benefit from this project please get in touch via our contact form.