Digital therapeutics company Big Health, has raised £31 million in Series B financing led by Gilde Healthcare and joined by co-lead Morningside Ventures.
The company was founded by entrepreneur Peter Hames and Professor Colin Espie to help millions back to good mental health. Their digital therapeutics tools support people with anxiety and poor sleep, with their products Daylight and Sleepio, helping people overcome these mental health challenges.
It’s backed by 50 published clinical papers, including 13 randomised controlled trials, and over 12 million people worldwide have reimbursed access to Big Health’s products.
The company will now use the funds to invest in new product development, expand its distribution channels, and scale its commercialisation activities.
“We entered 2020 having doubled our revenues in 2019,” said Peter Hames, Big Health co-founder and chief executive officer. “That’s because customers recognise that our digital therapeutics can fill a growing gap in their portfolio of mental health benefits. With this funding and with Janke’s and Isaac’s strategic insights, we are well positioned to accelerate our new product innovation, and add more sales and distribution capacity to meet increasing demand.”
Janke Dittmer of Gilde Healthcare “We’re excited about the mission of Big Health to provide fully automated mental health solutions to millions of people worldwide.”
Isaac Cheng, M.D., of Morningside Ventures “Big Health has led the market in their commitment to clinical evidence, and in pioneering innovative go-to-market strategies. We believe the company is ideally positioned to dominate the digital therapeutics space, and to help millions back to good mental health as a result.”
The company also recently announced key findings from a health economic evaluation of Sleepio at a Fortune 500 company, which compared two groups of employees—a group of Sleepio users and a matched control group—and their respective healthcare costs over an 18-month follow-up period. The results demonstrated 28% lower total annualised healthcare costs in the cohort of Sleepio users, as compared to the matched control group.
