Digital therapeutics solution attracts seven-figure investment

A digital mental health platform has secured a seven-figure financial investment to enhance its range of therapy programmes in the UK.

SilverCloud Health will use its £13m cash injection from leading health investment groups to fund the expansion of its services in the US and develop its therapeutic approaches, which address a variety of psychological conditions across all age groups.

Founded in 2012 and with offices in London, Dublin and Boston, SilverCloud’s mental health programmes are used by more than 300 organisations globally, including by 70 per cent of NHS mental health services. It is used by more than 350,000 individuals and on average, grows by more than 15,000 users per month.

Developed for healthcare providers, health plans and employers, SilverCloud offers more than 30 mental health programmes across the spectrum of mental health from wellness and resilience, through to severe mental health and chronic concerns – which it says will be vital during the coronavirus pandemic.

Ken Cahill, CEO of SilverCloud, said: “We are committed to providing truly impactful mental health support to all those with need, and 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 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 to even more healthcare professionals, their families and patients to help make a difference for those in need in the current crisis.”

The Series B funding round, led by MemorialCare Innovation Fund, included US healthcare groups LRV Health, OSF Ventures and Unity Point Health Ventures. It raised the company’s total funding to more than $30m. Existing investors ACT Venture Capital and B Capital Group participated in the round.