MassDevelopment's Emerging Technology Fund Helps DynamiCare Health, Inc. Add 36 New Employees By End of 2022
March 9, 2020
FOR IMMEDIATE RELEASE
Louisa Stone, MassDevelopment, 617-330-2089 & 857-283-3340 (cell)
Nate Stell, DynamiCare Health
MassDevelopment has provided a $1,250,000 Emerging Technology Fund (ETF) loan to DynamiCare Health, Inc., a Cambridge-based health technology company that has developed a personalized digital platform to help address drug, opioid, alcohol, and tobacco use. DynamiCare uses a smartphone application and connected hardware accessories that empower members to complete randomized sobriety tests, track treatment attendance, and connect with a telehealth recovery coach. The DynamiCare platform also features financial rewards that incentivize members to remain sober and attend treatment. The company will use loan proceeds to hire 36 new full-time employees over the next three years.
“DynamiCare Health’s platform harnesses the power of technology to combat addiction,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to help this innovative company grow in Massachusetts with financing from our Emerging Technology Fund.”
MassDevelopment’s ETF provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed 58 loans and guarantees totaling $86.6 million through September 30, 2019.
DynamiCare Health is a technology platform for addressing substance use and rewarding healthy behavior. The platform automates Contingency Management, an evidence-based methodology that has been demonstrated to be effective in over 100 randomized controlled trials. Through encouragement and accountability, DynamiCare members achieve healthy goals with regard to drug, opioid, alcohol, and tobacco use. DynamiCare Health was founded in 2016 by Eric Gastfriend, Harvard MBA tech executive, and his father, David R. Gastfriend, MD, an international expert in addiction psychiatry.
“At DynamiCare, our goal is to help one million people overcome unhealthy drug, alcohol, and tobacco use,” said DynamiCare Health CEO and Co-Founder Eric Gastfriend. “This financing from MassDevelopment brings us one step closer to that goal by helping us accelerate our hiring timeline.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth. During FY2019, MassDevelopment financed or managed 316 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 9,743 jobs and build or preserve 1,992 housing units.