Oxford VR, a virtual reality technology in behavioural health has closed a £10 million Series A funding round.
The VR therapy company will use the funds to accelerate US expansion of its evidence-based and VRtherapy solution and to continue to expand its treatment pipeline.
Founded in 2017, Oxford VR is a spinout from Oxford University’s Department of Psychiatry and builds on two decades of research by Professor Daniel Freeman investigating VR’s potential to create powerful, automated psychological treatments that revolutionise the way people experience therapy.
Oxford VR’s first clinical trial for fear of heights, which was published in The Lancet Psychiatry, shows how automated VR therapy can produce large clinical benefits. This trial also demonstrated automated VR therapy’s capacity to transform mental healthcare by helping overloaded providers expand access and standardise clinical excellence, ensuring adherence to treatment protocols.
Barnaby Perks, CEO said “We are tremendously excited to close this investment round and to be working with Optum Ventures to drive our next level of growth. We would not be at this exciting tipping point without the collective efforts of the team at OVR, in particular Katie Bedborough, our CFO & COO.”
“Together with Optum Ventures and Luminous Ventures, and with the continued support from our existing investors, we can expand our clinical leadership footprint and accelerate our pipeline of automated VR therapy treatments.”
Ash Patel, Principal at Optum Ventures is joining the Oxford VR Board of Directors “Oxford VR has taken a technology-led approach to create evidence-based solutions that will make treatment more accessible to patients who need it.”
“We believe Oxford VR’s solutions will benefit those who need access to high quality, effective cognitive behavioural therapy.”
