CyberPsyc Funding Aids 2 Products

By Peter Moriera – Entrevestor.com | link to original article

When Darren Piercey was developing his online software he had little trouble finding relevant subjects to test it: people afraid of spiders. The University of New Brunswick (UNB) psychology professor identified 300 undergraduates with varying degrees of arachnophobia, and invited 80 of them to come forward to help test-drive CyberPsyc, a virtual reality software that helps individuals overcome their phobias and anxieties.

Today CyberPsyc Software Solutions Inc. is one of 11 companies now going through Propel ICT’s Launch36 program. The company also recently landed its first round of funding—$250,000 that includes an undisclosed investment by Mariner chair Gerry Pond and $100,000 from the New Brunswick Innovation Foundation (NBIF). Last week I described the Launch36 program, an accelerator with the goal to making 36 companies market ready in three years. But this week I want to focus on one of the Launch36 companies to illustrate the power of collaboration and leadership in the tech community.

CyberPsyc produces 3D animated games that exposes an individual to something he or she fears. What this does is allows a psychiatrist an effective tool to help the patients. It’s commonly understood by psychologists that to cure phobias exposure to the thing that scares the patient is essential. The problem: is getting the patient to spend some quality time with whatever makes him or her squirm. “If you’re a person who’s afraid of spiders, and you know that you’re going to see a psychiatrist and he’s going to expose you to a real spider,” says Piercey, “you’re not going to show up.” However, patients are more willing to work with a doctor who’s going to subject them to virtual spiders. The added bonus is patients can even use it at home, so they can do exercises on their own to speed their cure.

CyberPsyc got its start when Piercey explained his idea to Chris Mathis, Springboard Atlantic Inc.'s executive director (at the time he was the knowledge transfer manager at UNB). “Mathis gave me a kick in the pants I needed,” says Piercey. Shortly after, Piercey entered NBIF’s Breakthru competition, placing among the six finalists. He then pitched the idea at the “Angels Den” in Moncton last summer, where he met a host of people in the innovation industry, including Gerry Pond.

In each of these steps Piercey gained more encouragement and advice, and finally decided to enter Launch36, all successful entrants are assigned one primary mentor. CyberPsyc landed Pond, who has since invested in the company and offered invaluable advice and contacts.

With his funding in place, Piercey is now developing CyberPsyc products addressing two forms of anxiety or phobia–public speaking and dentists. Both have huge potential. Public speaking affects a person’s professional life and will attract major corporations. Likewise, the fear of dentists is so pervasive in society that the product will likely be distributed through professional networks. According to Piercey one ulterior benefit of the dental product is that children can use it, so it will not only cure their anxieties but also those of their parents.

As Piercey develops these products, he has the benefit of working with Pond and the other members of the Launch36 community. “Anybody who’s thinking about a startup company at any phase,” he says, “should think about pitching it to Launch36. »