Digital behavioral-health company SilverCloud raked in an additional $16 million in Series B funding. MemorialCare Innovation Fund led the round with participation from LRVHealth, OSF Ventures and UnityPoint Health Ventures.
This news comes roughly three years after its $8.1 million raise led by B Capital Group.
WHAT THEY DO
This Boston-headquartered company got its start in Ireland. It was originally a spin out of a Trinity College Dublin research project.
The company works with provider organizations to deliver dozens of digital mental health programs. Users can search for mental health support common conditions such as anxiety and depression, or tap into programs catered to more specific situations, like supporting mental wellness with a chronic condition.
The company is working with providers in the U.S. as well as Europe. It boasts that its services are used by 70% of the U.K.’s NHS mental health services.
WHAT IT’S FOR
The new money will go into growing the company and expanding its services.
"Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organizations and its esteemed partner network,” Raj Ganguly, cofounder and partner of B Capital Group, said in a statement. “This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programs to the millions of individuals who need them.”
Digital services have frequently been applied to the mental health space. According to a Rock Health report digital behavioral-health companies raised $416 million in the first three quarters of 2019.
Just yesterday SonderMind, a mental health-focused startup that links patients and therapists, scored $27 million in new funds. While many of these startups focus on connecting patients and providers, there are a slew of meditation-based companies also on the behavioral-health market, including Headspace and Calm.
ON THE RECORD
“There is a tremendous unmet need for mental health solutions in today’s world,” Caleb Winder, managing director, MemorialCare Innovation Fund, said in a statement. “Based on results from more than 30 peer-reviewed studies, SilverCloud Health has a clear advantage in delivering positive clinical outcomes and a remarkable track record of success and unprecedented levels of engagement. With strong global connections to multiple providers already in place, our investment will enable SilverCloud to reach and help even more patients across the U.S. and beyond.”