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MedTech Outlook | Monday, April 13, 2020
SilverCloud Health, a Boston, MA-based digital mental health platform for healthcare systems and providers, health plans, and employers, has raised $16 million in Series B round of financing
Fremont, CA: SilverCloud Health, a Boston, MA-based digital mental health platform for healthcare systems and providers, health plans, and employers, has raised $16 million in Series B round of financing. The round, which elevated total funding raised by the firm to date to more than $30m, led by MemorialCare Innovation Fund, which included LRVHealth, OSF Ventures, and UnityPoint Health Ventures. Existing investors Act Venture Capital and B Capital Group have also participated in the round. The company intends to use the recently raised capital to further expand program offerings in North America, enhance the current global portfolio, and conduct additional research and clinical trials.
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[vendor_logo_first]"We are committed to providing truly impactful mental health support to all those with need," said Ken Cahill, CEO of SilverCloud. "The need has never been greater than during this unprecedented global crisis. SilverCloud enables easier, earlier access to clinically validated mental health care that shows results equivalent to face-to-face care for the 1 in 5 people with a diagnosable mental health condition. With millions of people being asked to stay home and health systems needing to prioritize care, we recognize the heightened need for virtual support as the world copes with the COVID-19 pandemic. In response, SilverCloud is providing its clients, free of charge, expanded access to its platform to even more healthcare professionals, their families, and patients to help make a difference for those in need in the current crisis."
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SilverCloud's mental health programs are used extensively by more than 300 organizations across the world, including over 70 percent of the U.K.'s National Health Service (NHS) mental health services. The platform has been used by more than 350,000 users and has demonstrated results on par with face-to-face therapy in multiple randomized controlled trials. Beyond its industry-leading results in clinical trials, its real-world evidence demonstrates that over 65 percent of SilverCloud patients, members, and employees have shown significant decreases in depression and anxiety symptoms. SilverCloud's programs are evidence-based and involve clinical experts and users in the design and development of mental and behavioral health interventions.
"There is a tremendous unmet need for mental health solutions in today's world," said Caleb Winder, Managing Director, MemorialCare Innovation Fund. "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."
"SilverCloud Health's mission is to make people healthier by providing effective, accessible, and affordable behavioral healthcare opportunities filling a massive void in the market today. B Capital Group is excited to back Ken and the team at SilverCloud Health, as they continue to change the way behavioral healthcare is delivered," said Raj Ganguly, Co-founder and Partner, B Capital Group. "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. 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."
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