Dedicated to treating substance use and mental health disorders, Affect Therapeutics Raises $26 Million Series B to Scale an AI-Driven Operating System
Contingency-management–powered, payer-inclusive virtual clinic—now in 20 U.S. states—combines therapy, medications, and real-time clinical decision support to engage hard-to-treat populations
McLean, VA — September 23, 2025 — Dedicated to treating substance use and mental health disorders, Affect Therapeutics, the virtual clinic using contingency management and advanced behavioral science to keep high-need patients engaged in care, today announced a $26 million Series B financing. The round was led by Allumia Ventures, with participation from existing investors Artis Ventures, City Light Capital, and LifeArc Ventures, and new investor Limitless Ventures. Cereona Partners served as the company’s advisor. The capital will accelerate commercialization, expand Affect’s geographic and clinical footprint, and deepen partnerships with health plans, employers, and public agencies.
Despite a recent fall in overdose deaths, alcohol and drug use disorders remain a major health crisis for the U.S. The CDC / SAMHSA estimate that approximately 17% of adults have a substance use disorder. In addition, ~23 % are estimated to have depression, anxiety, or other mental health disorders. Together, the impact on our health system and workforce productivity of these crises is estimated to be $700 billion to $1 trillion+ per year.
A tech-forward clinic built for real-world complexity
Affect’s AI-driven app and clinical decision support (CDS) system function as a foundational operating system for treating substance use and mental health disorders. The platform supports real-time digital triage, rapid crisis intervention, personalized care pathways, and clinician insight—continuously learning from engagement signals and outcomes to optimize therapy and medication decisions.
What makes Affect different:
- Engagement, engineered. A smartphone-based program weaves together contingency management, gamification, counseling, medication management (including MAT), and peer support—driving best-in-class engagement and retention among traditionally difficult-to-treat populations (including stimulant use disorder).
- Therapy + medications, across the full acuity spectrum. Licensed clinicians deliver integrated outpatient and intensive outpatient care for all major substance use and mental health disorders—from opioid and alcohol use disorders to depression, anxiety, bipolar disorder, PTSD, and OCD—avoiding the fragmentation of point solutions.
- Payer-inclusive access at scale. Affect accepts Medicaid, Medicare, and employer/commercial insurance, removing cost barriers while enabling population-level partnerships with plans and employers.
- A national footprint that adapts locally. Operating in 20 states (and counting), Affect configures service bundles by disease burden, community context, and payer need—from intensive SUD programs to co-occurring mental health tracks—rather than forcing a one-size-fits-all model.
“Our powerful platform connects the dots between daily engagement and clinical decision-making,” said Kristin Muhlner, CEO of Affect Therapeutics. “When contingency management and great product design keep people showing up, our CDS surfaces the right next step—whether that’s escalating a crisis, adjusting medications, or nudging a therapy milestone. Because we accept all types of insurance and operate across 20 states, we can tailor care to the realities of each community and payer—improving outcomes and lowering total cost of care.”
“Behavioral health has struggled to combine sustained engagement with clinical precision at scale,” said Branden Fini, Partner at Allumia Ventures. “Affect’s model — contingency-management-led, therapy-and-medication capable, payer-inclusive, and powered by a real-time CDS layer— is a category-defining platform for payers, providers, and patients.”
Evidence-based and partner-ready
Founded in 2020, Affect’s outcomes-driven approach has been validated in peer-reviewed research and adopted by managed Medicaid plans, employers, provider networks, and public agencies as a scalable solution for polysubstance use and co-occurring mental health conditions. The new financing will fund expansion into additional markets, enhanced capabilities for polysubstance and complex co-morbidities, and deeper integrations with health plans, community providers, and state agencies.
About Affect Therapeutics
Affect Therapeutics is a digital health company transforming care for substance use and mental health disorders. Delivered via smartphone, Affect’s virtual clinic combines contingency management, structured counseling, medication management, peer support, and an AI-driven clinical decision support system that powers real-time triage, crisis intervention, personalization, and clinician insight. With coverage across Medicaid, Medicare, and employer/commercial plans and operations in 20 states, Affect partners with payers and health systems to make evidence-based care accessible, affordable, and scalable. Learn more at www.affect.com.
About Allumia Ventures
Allumia Ventures is a venture capital firm backing companies redefining how healthcare is delivered, paid for, and experienced. Supported by strategic stakeholders—including Providence—Allumia catalyzes market adoption of solutions to healthcare’s most pressing challenges. Learn more at www.allumiaventures.com.
Media Inquiries: press@affect.com