SilverCloud Health have today announced that they have raised $8.1 million in Series A funding.
The investment round was led by Venture capital firm B Capital Group - founded by Raj Ganguly and Facebook Co-Founder, Eduardo Saverin with significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.
SilverCloud Health is a multi-award winning Global health tech company providing online therapeutic solutions to improve behavioural health and mental wellness. Since launching in 2012, it has gone on to support over 80,000 patients across its global customer base, delivering clinical results that are on par with face-to-face therapy.
This funding round comes as SilverCloud Health is growing rapidly with an expanding research pipeline that continues to show the clinical effectiveness of the company’s behavioural health platform.
The SilverCloud Health platform is currently used by over 120 healthcare organisations across Europe and North America. Within the UK National Health Service (NHS), the company has seen an exponential growth of clients—from supporting 1% of NHS mental health services two years ago to over 45% today. More broadly within the UK SilverCloud Health works with other organisations including universities and employers.
The new capital will be used to meet growing demand in Europe and North America, build out their commercial, development and clinical teams and drive its strong clinical research and publishing agenda.
SilverCloud Health Chief Executive and Co-Founder, Ken Cahill said the company is defining a new healthcare model to meet the demand of the rapidly growing behavioural healthcare market, which in the US alone is estimated to be worth $440 billion.
"This new investment enables us to drive forward with our commitment to evolve our health platform and address the ever-increasing global need in behavioural healthcare," he said.
"We believe that technology is the enabler to address the biggest healthcare challenge of this century, maximising clinical delivery while enhancing patient access and choice, through the ability to engage with therapy at a time that fits into diverse lifestyles and through devices that are a part of our everyday lives," he added.
Source: www.businessworld.ie
