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Kyros, Minnesota Based Recovery Industry Technology Platform, Raises $10.5 Million to Expand Access to Life-Saving Services
News provided byKyros
Sep 19, 2023, 11:11 PM ET
MINNEAPOLIS, Sept. 19, 2023 /PRNewswire/ -- Kyros, the Minnesota-based technology platform providing Substance Use Disorder (SUD) recovery services, has announced that it has raised an additional $10.5 million in funding to expand access to life-saving services. Existing investor Rally Ventures led the round.
Since launching in 2021, the company has focused on removing barriers to Substance Use Disorder recovery, primarily through connecting individuals who need help with Certified Peer Recovery Specialists (CPRS) who serve as their mentors and advocates. However, the challenges faced by people struggling with addiction are not confined within the four walls of a treatment center - where CPRSs have historically worked with their clients - but are experienced throughout their daily lives, in the communities where they live.
Kyros' technology-enabled approach to peer recovery services is providing effective and scalable support by meeting individuals where they are physically, emotionally, mentally and culturally within their communities. This community-based, partnership approach works to remove the practical barriers to recovery, elevate and amplify the work already being done by organizations across the industry. Clients are met at times and places that work for them, an average of 4 times per week, to develop and work through individualized wellness plans to achieve the goals that are relevant to their lives and recovery.
"Kyros is defining the next generation of recovery by recognizing that preventative care happens more and more outside the four walls of a treatment center," Daniel Larson, president and CEO of Kyros, said in a statement. "Our community-based approach, combined with the data analytics enabled by our technology platform, is incredibly powerful. We're enthusiastic about channeling our investments into broadening access to services for more individuals in need, as well as advancing the refinement of tools crucial to enhancing both client and service provider outcomes."
"Kyros is demonstrating the ability to significantly move the needle on client health outcomes by filling the gaps inherent in the existing industry model," said Justin Kaufenberg, Managing Director at Rally Ventures. "Kyros has become a critical partner for industry incumbents to efficiently manage peer recovery services, so they can remain focused on their core mission and services. Our continued support is a commitment to fostering innovation that doesn't just drive financial success, but also drives meaningful, lasting impact".
Kyros' success as a digital solution for the recovery space is reflected in over 5,000 clients served in the last 24 months and over 400 CPRS who have provided those services. In addition to peer recovery services, Kyros is also expanding access to same-day, virtual comprehensive assessments to provide those who are ready to get help an immediate pathway to receive it.
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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