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