Chrono Raises $32 Million for Wearables That May Help Smokers Quit
Courtesy: Chrono Therapeutics
Chrono Therapeutics, which is developing wearable devices that promise to help people stop smoking, has closed a $32 million funding round led by Canaan Partners and 5AM Ventures.
The Hayward, Calif., company’s SmartStop product resembles a watch and works like a nicotine patch, delivering the addictive stimulant in tobacco through the skin. The key difference is the device varies nicotine levels throughout the day to match personal craving patterns.
SmartStop connects with mobile apps via Bluetooth, which allow users to set up personalized profiles and can provide encouraging notifications at peak craving times. Chrono is also developing versions of the device that can be worn as an armband or torso patch.
“Smoking costs people their health and eventually their lives, but current technologies like nicotine gums and patches are not effective in enabling smokers to quit permanently because they do not address the cyclical nature of nicotine cravings and offer little to no behavioral support,” said Alan Levy, chief executive of Chrono, in a statement.
While the company’s approach makes intuitive sense, it has yet to complete clinical trials that demonstrate it is more effective. The company plans to use the funds for that purpose, as well as further product development.
Other investors in the Series A round included Fountain Healthcare Partners, Mayo Clinic and GE Ventures.