Dublin mental health platform SilverCloud raises $16m

Dublin-headquartered digital mental health platform SilverCloud Health has closed a $16m (€14.7m) Series B funding round.

The $16m (€14.7m) Series B investment in SilverCloud Health was led by MemorialCare Innovation Fund, LRV Health, OSF Ventures and Unity Point Health Ventures. This elevates the company’s total funding to more than $30m. Existing investors, ACT Venture Capital and B Capital Group participated in the round as well.

SilverCloud is a HIPAA and GDPR compliant platform with a library of more than 30 mental health programs across the spectrum of mental health – from wellness and resilience through to severe mental health and chronic concerns.

“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”

The platform, used by more than 350,000 individuals, and growing by over 15,000 users per month, has demonstrated results on par with face-to-face therapy in multiple randomised controlled trials. Beyond its industry-leading results in clinical trials, real-world evidence demonstrates that over 65pc of SilverCloud users have shown significant decreases in depression and anxiety symptoms.

Impactful mental health support

More than 300 organisations globally use SilverCloud’s mental health programs. This includes  a pilot project with the Health Service Executive (HSE) and over 70pc of the UK’s NHS mental health services. The new funding round is earmarked to further expand the global program portfolio and conduct additional research and clinical trials.

SilverCloud will also expand its presence in Europe, with new and existing partners like Thieme Telecare which is part of the Thieme Group, one of the leading providers of integrated care in Germany.

“We are committed to providing truly impactful mental health support to all those with need,” said 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.”

Recent SilverCloud news includes announcements about it being part of the digital health formulary of ExpressScripts as well as a research partnership with Microsoft to improve outcomes through artificial intelligence

“SilverCloud Health’s mission is to make people healthier by providing effective, accessible and affordable behavioral healthcare opportunities, filling a massive void in the market today. B Capital Group is excited to back Ken and the team at SilverCloud Health, as they continue to change the way behavioral healthcare is delivered,” said Raj Ganguly, Co-founder and Partner, B Capital Group.

Written by John Kennedy (john.kennedy3@boi.com)

Published: 9 April, 2020