One of the few firms creating virtual reality (VR) experiences for older adults, MyndVR, believes that VR can be an effective therapy for residents in assisted living and memory care units, said a recent article in Texas Monthly. MyndVR, based in Plano, TX, is focused on using VR to help older adults escape the isolation of senior living facilities.

Majd Alwan, Ph.D., CAST executive director and senior vice president of technology and business strategy at LeadingAge, shared his thoughts for “Can Virtual Reality Make Older Adults Happier and Healthier?”

“VR can bring the outdoors to people who are confined to their own spaces or have mobility issues,” Alwan told Texas Monthly. “We’ve seen applications using virtual reality for physical therapy and VR that can assist those with visual impairments.”

While research results on the effects of VR vary, MyndVR has formed a research coalition with universities to study “the medical efficacy of VR on seniors with and without age-related conditions,” said the article. MyndVR is also studying how VR contributes to older adults’ mental well-being, in a partnership with Stanford University’s Virtual Human Interaction Lab.

The MyndVR business model includes selling to senior centers that conduct group VR sessions. In the United States, the company serves clients across 45 states, with costs of $500 per month or $5,000 per year for content and rental of five headsets, the article said. A home-based pandemic-inspired subscription model launched in 2020.

The article suggests that investors are seeing strong potential in VR for the older adult population. Texas Monthly noted that MyndVR has raised $4.4 million to date and may pursue an additional $5 million in funding, in response to interest from investors who believe that VR can help older adults who are isolated due to COVID-19.