Online Mental Health Platform Raises €15m

08 Apr 2020 | 01.26 pm

Online Mental Health Platform Raises €15m

SilverCloud Health has pilot project with the HSE

08 Apr 2020 | 01.26 pm

Digital mental health platform SilverCloud Health has raised c.€15m in a series B funding round that raises its total funding to c.€30m.

The round was led by MemorialCare Innovation Fund, LRV Health, OSF Ventures and Unity Point Health Ventures, with existing investors ACT Venture Capital and B Capital Group also participating.

The SilverCloud platform is a HIPAA compliant platform, the company says, with a library of more than 30 mental health programmes covering the spectrum of mental health, from wellness and resilience through to severe mental health and chronic concerns. 

It is now used by more than 350,000 individuals worldwide, and the company says it is growing by more than 15,000 users per month. According to SilverCloud, two thirds of users  have shown significant decreases in depression and anxiety symptoms, for example.

Chief executive Ken Cahill  (pictured) said: “We are committed to providing truly impactful mental health support to all those with need. SilverCloud enables easier, earlier access to clinically validated mental health care that shows results equivalent to face-to-face care for the one in five 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 and to even more healthcare professionals, their families and patients to help make a difference for those in need in the current crisis.”

More than 300 organisations use SilverCloud’s programmes, including  the pilot project with the HSE and around 70% of Britain’s NHS mental health services. The new funding round is earmarked to expand the global programme portfolio and conduct additional research and clinical trials.

 

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