[Funding alert] Eight Roads backs Spry in a new round

Pune and Delaware-based end-to-end patient and practice management platform for physical therapists, Spry, has announced it has raised over $7 million led by Eight Roads Ventures.

The round also saw participation from its US-based sister fund, F-Prime Capital and returning investor, Together Fund.

Founded in 2021 by former Chief Technology Officer at Ola, Brijraj Bhuptani, and Riyaz Rehman, former Chief Business Officer at Ridlr, Spry will use the fresh capital to accelerate its business. It had previously raised $3 million in a seed round led by Together Fund. The current round brings the total equity capital raised by Spry to over $10 million in six months. 

Spry offers its Software-as-a-Service (SaaS) platform to enable practitioners and owners of physical therapy centres to manage their clinical and administrative functions. The platform supports operations including patient intake, scheduling, communication, assessments, electronic medical record (EMR), revenue cycle management, home exercise plans, adherence tracking, and patient lifecycle management. 

“With our 25-member strong team, we have been able to build a new-age, reliable and trustworthy platform to enable physical therapists to manage an omnichannel practice and improve the quality of patient care,” Bhuptani, Co-founder and CEO of Spry, said in a statement.

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Targeting the US as a primary market, Spry also offers a self-assessment portal as part of its platform. The portal leverages computer vision technology to provide patients with a scorecard after comprehensive assessment of their mobility and flexibility. This allows physical therapists to manage time as they can access the scorecard in the initial appointment. 

“Spry’s comprehensive and omnichannel platform is a very compelling value proposition to the growing number of physical therapy practices who aspire to provide a continuum of care to their patients, in-clinic and at home,” said Dr Prem Pavoor, Senior Partner, Head of India and healthcare investments at Eight Roads Ventures.

The vertical specific SaaS model has seen early success with the likes of salon and spa management software provider Zenotiand automotive SaaS company Tekion making it to the big league.