Health tech startup SilverCloud Health secures $16M Series B funding for its digital mental health platform
SilverCloud Health, a Boston, MA-based healthtech startup and provider of digital mental health platform for healthcare systems and providers, health plans, and employers, today announced it has raised $16 million in Series B funding round led by MemorialCare Innovation Fund, which included LRVHealth, OSF Ventures and UnityPoint Health Ventures, elevating the company’s total funding to more than $30 million. Existing investors Act Venture Capital and B Capital Group participated in the round as well.
Founded in 2011 by James Bligh, Karen Tierney, and Ken Cahill, SilverCloud Health is a spin-out company created out of a joint translational research project undertaken by the NDRC (National Digital Research Centre), Trinity College Dublin’s Computer Science and Statistics department and Parents Plus, Mater University Hospital Dublin. SilverCloud’s solutions are used by payers and providers to provide immediate access to evidence-based and supported digital therapies.
“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.”
SilverCloud’s mental health programs are used globally by more than 300 organizations, including over 70% of the U.K.’s National Health Service (NHS) mental health services, part of the largest single-payer healthcare system in the world. The new funding round is earmarked to further expand program offerings in North America, enhance the current global portfolio, and conduct additional research and clinical trials. The platform has been used by more than 350,000 users, is growing by over 15,000 users per month 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% 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 is a HIPAA and GDPR compliant platform with a library of more than 30 mental health programs across the spectrum of mental health from wellness and resilience to severe mental health and chronic concerns. Backed by over 17 years of research including partnerships with leading academic institutions, SilverCloud has seen exponential year-over-year growth since its inception in 2012.
“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.”