Austin behavior monitoring app and software startup Provene was poised to present its latest innovations at Austin Technology Incubator's Demo Days on Monday. But it had a lot more to share than an update on its tech.
The local company, which was part of ATI's deep tech incubator program, announced it has been acquired by iVitalize, a multi-prong genetic tech company, Oscar Martinez, CFO of iVitalize said during the ATI presentation.
While Martinez didn't disclose any financial details, he said Provene, led by founder and CEO Andrew Dubinsky, will become part of iVitalize's lineup of technologies aimed at helping people with addictions. He said that Provene serves as a virtual support assistant that can also be used by case workers for real-time information to help with interventions. For example, court systems use Provene’s app to monitor defendants and optimize caseloads.
iVitalize, meanwhile, has built a platform that aims to redefine addiction treatment. It has a genetic addiction risk score to identify your likelihood of developing a substance abuse problem.
"Of course, the gene is only half of the circumstances that lead somebody to an addictive behavior," Martinez said. "But in the U.S. alone there are 22 million people that suffer from addiction. So we believe that our platform can really change the way we treat these individuals, and really go beyond just the treatment of those substances."
The company, which also provides Covid-19 testing and has labs in San Antonio, has more genetic tests in its patent pipeline, and Martinez said the company is cashflow positive and continues to grow.
Martinez said the company is expecting its genetics testing for alcohol and opioids to get federal approval in 2021.
Addiction is monster problem worldwide, and overdose deaths appear to be rising as the pandemic grinds on.
Meanwhile, technology is increasingly seen as a part of the broader recovery picture. For example, Google, Facebook and Twitter earlier this year teamed up with the nonprofit Center for Safe Internet Pharmacies to launch Tech Together to help people with substance use disorders connect with treatment as the pandemic hampers traditional addiction programs and recovery groups.
