SilverCloud Health raises $8.1 million to accelerate delivery of evidence-based digital mental health and behavioral healthcare solutions
BOSTON and DUBLIN – January 18, 2017 – Digital Health company SilverCloud Health, the leading 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.
SilverCloud Health is a multi-award winning global health tech company; since launching in 2012 it has gone on to support over 80,000 patients across its global customer base, delivering clinical results that are on par with face-to-face therapy.
SilverCloud Health chief executive and co-founder Ken Cahill said 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.”
“We chose B Capital to lead our Series A because of its healthcare knowledge and relationships, and due to its partnership with The Boston Consulting Group, which has opened doors for us to new commercial partners in the US”, he added.
“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 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.”
This funding round comes as SilverCloud Health is growing rapidly with an expanding research pipeline that continues to show the clinical effectiveness of the company’s behavioral health platform. The SilverCloud Health platform is currently used by over 120 healthcare organizations across North America and Europe. Within the UK National Health Service (NHS), the company has seen an exponential growth of clients—from supporting 1 percent of NHS mental health services two years ago to over 45 percent today. The new capital will be used to meet growing demand in North America and Europe, build out its commercial, development and clinical teams and drive its strong clinical research and publishing agenda.
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.
Gavin Teo, Partner at B Capital Group said, “SilverCloud Health is redefining access to quality, outcomes-based care for hard-to-treat and high cost behavioral health populations. Its digital health platform is enabling new ways for provider systems and pharma companies to personalize therapeutic delivery to the individual patient, which is a building block for clinically validated, value driven care. B Capital is thrilled to be the lead investor in SilverCloud Health at such an exciting time in its growth”
“We’ve seen SilverCloud’s impact on patients and clinicians. Patients have seen it transform their daily lives, with a therapy they can control, and clinicians have been able to rapidly integrate it into clinical pathways,’’ said John O’Sullivan, General Partner at ACT Venture Capital. ‘’The efficacy data is compelling and is evident across a very large and diverse range of cases. We are delighted to be working with the SilverCloud team to positively impact and change many more lives and transform the economics of healthcare delivery’’
Today SilverCloud Health offers 22 evidence-based programs addressing conditions such as depression, anxiety and stress, as well as for long-term chronic conditions (diabetes, COPD, and cardio vascular disease). SilverCloud Health has spun out from the NDRC in 2012 and has been built on over a decade of academic and clinical research. Clinically led full randomized control trials (RCT) have demonstrated that SilverCloud Health’s programs are extremely effective, engaging with patients and providing positive clinical outcomes that are on par with face to face therapy.
In 2016 SilverCloud Health was highlighted in Accenture’s Digital Health Tech Vision 2016 report. The report listed 5 key innovative companies taking charge of healthcare delivery, including Apple, Uber, United Healthcare, Philips and SilverCloud Health. In November 2016, SilverCloud Health was listed in the Top 100 Global Disruptive Companies in Healthcare, a report compiled by The Journal of mHealth, which provides insight into the key sector trends that are emerging from across the healthcare continuum when it comes to the adoption of technology-led products and services.
About B Capital
B Capital Group is a venture capital firm specializing in growth-stage investments with pioneering companies that are ready to scale across the global stage. B Capital Group was co-founded in 2015 by Eduardo Saverin (Facebook founder) and Raj Ganguly with offices in San Francisco, Los Angeles and Singapore. Partnering with The Boston Consulting Group, and its incubation arm BCG Digital Ventures, B Capital delivers unparalleled access to top corporations to match cutting-edge start-ups with the world's most powerful CEOs, platforms, and brands. Current companies include Evidation Health and Ninja Van.
About ACT Venture Capital
ACT Venture Capital is a specialist, multi-stage, technology investor. ACT is Ireland’s leading independent venture capital company with over $500m under management and a team with extensive experience working with entrepreneurs to build scale.
About SilverCloud Health
SilverCloud is a leading provider of outcomes-focused online behavioral health & wellbeing solutions. Health systems and healthcare organizations use SilverCloud Health to provide care populations with immediate access to clinically proven, evidenced based content, programs and support within the area of mental health (depression, anxiety, stress) and long term/chronic illness care (diabetes, COPD, CVD). SilverCloud Health offers a complete clinical platform that flexes around a provider’s specific care delivery needs and protocols delivering mental wellness up to full clinical intervention level including self-help, supported online, preventive care, treatment, adjunct to face to face through to relapse care.
SilverCloud Health is a spin-out company from the Technology Enhanced Therapy (TET) project, a four-year joint translational research project (2008 – 2012) backed by NDRC investment and undertaken by NDRC, Trinity College Dublin’s School of Computer Science & Statistics and Parents Plus, Mater University Hospital. Prior to this, the project also benefited from over a decade of direct collaborative academic research between Trinity College Dublin and Mater University Hospital into online behavioral health delivery.