The interest in improving access to behavioral health therapists combined with the reality that many people just don’t feel comfortable seeing a therapist in person plus the links between poor adherence and behavioral health issues such as depression has spurred a market for providing various forms of counseling remotely through telemedicine, apps, connected communities and other mediums. SilverCloud Health is one of these companies. The Dublin, Ireland -based business has closed an $8.1 million Series A round, according to a company news release. The new capital will be used to help the company expand in North American and European markets.
B Capital Group led the round. Other investors include ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund, managed by DBIC, NDRC and Enterprise Ireland, the release noted.
The investment is not only aimed at helping the company grow through health systems and companies in North America and Europe but also grow in new ways such as to support integration with personal health and activity monitor devices to give a more personalized approach to physical and behavioral healthcare, the release said.
Among SilverCloud’s areas of interest are chronic illness, eating issues, stress, anxiety, and depression, according to the website. The company moved into diabetes management in 2015 through a partnership with content provider Wiley.
AngelList counts 309 companies and 533 investors in the mental health startup space. A couple of the more well-known companies in this space include Honor, which developed a platform designed to simplify the psychiatric referral process for primary care physicians, as well as technology-enabled provider AbleTo.
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