SilverCloud Health, a provider of evidence-based online mental health and behavioral healthcare solutions, announced that it has raised $8.1 million in Series A funding. Venture capital firm B Capital Group – founded by Raj Ganguly and Facebook Co-founder Eduardo Saverin – led the investment round with significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.
Ken Cahill, Chief Executive Officer and Co-founder, SilverCloud Health said that the company is defining a new healthcare model to meet the demand of the rapidly growing behavioral healthcare market, which in the US alone is estimated to be worth $440 billion.
“This new investment enables us to drive forward with our commitment to evolve our health platform and address the ever-increasing global need in behavioral healthcare. We believe that technology is the enabler to address the biggest healthcare challenge of this century, maximizing clinical delivery while enhancing patient access and choice, through the ability to engage with therapy at a time that fits into diverse lifestyles and through devices that are a part of our everyday lives,” Cahill noted.
He further explained that the company chose B Capital to lead its Series A because of their healthcare knowledge and relationships, and due to their partnership with The Boston Consulting Group, which has opened doors to new commercial partners in the US.
“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 Eduardo Saverin, Co-founder and Partner, B Capital Group.
“Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organizations and its esteemed partner network. This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programs to the millions of individuals who need them,” Saverin added.
This funding round comes as SilverCloud Health claims to be growing rapidly with an expanding research pipeline that continues to show the clinical effectiveness of the company’s behavioral health platform. The company believes that with proven results in major health systems globally, this investment will allow expansion into new areas such as integration with personal health and activity monitoring devices to give a more integrated personalized context across physical and behavioral healthcare.