SilverCloud Health, the digital mental health platform used by 70% of NHS mental health organisations has raised £13m in Series B Funding.
The investment will support the company develop its digital therapy tools and expand further globally.
The platform includes over 30 digital mental health programmes, demonstrated to be on par with similar face-to-face therapy, based on multiple randomised controlled trials.
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 prioritise care, we recognise 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.”
This Series B funding round was led by MemorialCare Innovation Fund and included other US healthcare groups LRV Health, OSF Ventures and Unity Point Health Ventures. Existing investors ACT Venture Capital and B Capital Group, participated in the round as well.
Raj Ganguly, Co-founder and Partner, B Capital Group, said “Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organisations and its esteemed partner network. This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programmes to the millions of individuals who need them.”
