Kyros, a digital platform designed to help people with substance use disorders in the recovery process, officially launched last week.
The Minneapolis-based company developed a free mobile app that gives patients, customized support by helping hit milestones, share their success and get access to services. The program also allows providers to streamline functions such as billing, liability insurance and workforce management.
To date, Kyros has raised $4.9 million in venture funding, according to founder and CEO Daniel Larson. That includes a $500,000 seed round in June 2021, and most recently a $4.4 million round led by Rally Ventures in March.
Since it began offering services in Sept. 2021, Kyros has seen between 90% to 100% quarterly growth. It's now working with 30 partners in Minnesota included sober houses, treatment programs and government supported efforts.
Larson founded Kyros after he saw the need for a centralized resource during his own path to recovery.
Kyros is a first of its kind platform that brings a technological emphasis to the drug abuse recovery industry.
Larson said the industry is ripe for innovation because between 70% to 80% of providers are nonprofits. That means they're mainly focused on billing insurance companies and tracking down reimbursements.
"Not a lot of companies can write checks for software technologies," he said.
Kyros operates as a marketplace model by facilitating interactions between providers and patients. It then bills insurance companies directly and pays the provider from that. This approach allows Kyros to offer its service to patients for free.
Kyros has 35 employees and plans to have a total of 70 by the end of the year. In addition to the hiring spree, it plans on expanding to 10 more states by June 2023. That includes launching a pilot in Washington, Colorado and Arizona.
