Behavioral health technology company AbleTo has raised an additional $8.5 million in funding, according to an SEC filing released Wednesday.
The company most recently brought in $36.6 million in September 2017, and with the additional backing has raised a total of $65.9 million. Its existing backers include Bain Capital Ventures, 406 Ventures, Sandbox Industries, HLM Venture Partners, Horizon Healthcare Services, and Aetna, which is also a strategic investor.
MobiHealthNews has reached out to AbleTo for confirmation of the new backing, and will update this story with any reply.
AbleTo’s platform connects patients with a nationwide network of behavioral health providers, who then use the company’s structured treatment protocols to treat their condition. This approach has improved medical outcomes and decreased the cost of care, according to AbleTo, and has been used by large national health plans, statewide Blues plans, and large employers.
"We’re kind of unique in the space in that we’re attempting to solve four problems,” Rob Rebak, President and CEO of AbleTo, told MobiHealthNews last year. "The first is identifying people with a potential problem. The second is screening and triaging, the third is treating them, and the fourth is care coordination.”
With its previous funding round, the company said it was focused on growing the scale of its operations with the ultimate goal of 1 million treated patients. This effort included a boost to its patient engagement efforts, as well as work to expand its roster of participating providers
In April 2014, the company launched an app-based screening tool designed to screen consumers for common behavioral health conditions like anxiety and depression within three minutes, a notable departure from its enterprise-based business model. In May of this year the company also co-published a white paper with the Association for Behavioral Health and Wellness backing the cost-effectiveness of tele-behavioral healthcare.