As the psychedelic medicine industry progresses, institutional investors are finding opportunities in companies that provide products and services surrounding the core business of the industry.
Growing institutional support for ancillary businesses can be seen as clear evidence of a sector’s journey to maturity as investors look for ways to exploit the opportunities inherent in a booming ecosystem.
The latest company to benefit from this trend is Wave pathsa music studio dedicated to creating music to accompany psychedelic therapy, which Thursday closed a seed investment round of $4.5 million.
The company, co-founded by Dr. Mendel Kaelen and Anna Rickman in 2019, is described as “a digital platform that is backed by pioneering scientific research showing that music plays a critical role in creating positive outcomes for psychedelic therapies”.
The platform features customizable music that can be used to benefit the therapeutic results of “trips” with ketamine, psilocybin, and MDMA, among other similar drugs.
“Music has a profound impact on therapy outcomes, but many therapists are confused about how best to work with music in their practice,” Kaelen said. “Our adaptive music technology allows care providers to work with music in a completely person-centered way, with the same ease with which one can adapt the temperature or the light in the room.”
The company said in a press release that it worked with a variety of musical artists to create an AI-powered auditory landscape designed to respond to every moment of a therapy session.
“During sessions, the platform’s interface allows practitioners to seamlessly switch between emotional atmospheres, levels of depth and activation, and real-time instrumentation, based on the evolution of the mood or therapeutic needs of a patient,” the company noted.
Photo by Dylan McLeod on Unsplash.