Funding to help company expand its reach across North America and Europe.
Montréal-based Paperplane Therapeutics has closed $1.5 million CAD in seed funding to manage pain and anxiety at the medical and dental offices with therapeutic virtual reality (VR) games.
The all-equity round, which took the form of a simple agreement for future equity (SAFE), was led by Montréal-based healthtech investor Glen Ventures, with participation from the Province of Québec’s investment vehicle Investissement Québec, the Centre for Aging + Brain Health Innovation (CABHI), Cedars-Sinai Intellectual Property Company, Anges Québec, and Aventure Capital. Glen Ventures gained a board seat as a result of the round.
Paperplane’s VR games distract patients with virtual monsters that aren’t as scary as getting their teeth cleaned.
Founded in 2019, Paperplane provides commercially-available VR headsets and a controller loaded with its gaming software to treat patients experiencing pain or anxiety in healthcare settings, such as the doctor’s office or the dentist. Paperplane positions its offering as a drug-free alternative to sedatives like nitrous oxide, commonly known as laughing gas.
Prior to this latest funding round, which closed in November, Paperplane had secured $1 million CAD in non-dilutive grants and subsidies.
Designed for patients of all ages, with a particular emphasis on pediatric care, Paperplane’s VR gaming software aims to improve patient comfort by essentially distracting them with virtual monsters that aren’t as scary as getting their teeth cleaned or getting a needle. The company says its Headstill technology helps patients stay fully engaged with VR games while keeping their heads completely still, ensuring stability during procedures.
“As an emergency physician, I have seen firsthand the lack of options available for managing pain and anxiety,” Paperplane co-founder and CEO Dr. Jean-Simon Fortin said in a statement. “Today, I’m proud to see our VR technology filling that gap, providing healthcare professionals with a more effective way to support their patients.”
The funding will allow the company to expand its reach across North America and Europe through a strategic partnership with French company HypnoVR, Paperplane said in a statement. Fortin told BetaKit in an email statement that the part of the strategic partnership involves distributing Paperplane’s products in Europe as a complement to HypnoVR’s similar offering.
Fortin said that Paperplane currently has 30 dental clinics and 20 hospitals in North America as clients or research partners, including Cedars-Sinai and Mayo Clinic in the United States, and CHEO and SickKids in Canada.
Paperplane’s lead investor, Glen Ventures, landed $5 million CAD from Investissement Québec’s Eurêka investment fund this past December. Glen Ventures targets pre-seed and seed-stage healthtech companies, writing cheques ranging from $250,000 to $1 million with reserved capital for extensions.
UPDATE (02/27/2025): This story has been updated with information and commentary from Paperplane Therapeutics CEO Dr. Jean-Simon Fortin.
Feature image courtesy Paperplane Therapeutics.
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