Digital therapeutics solution draws new investments from key U.S. healthcare systems
March 31, 2020, Boston, MA – SilverCloud Health, the world’s leading digital mental health platform for providers, health plans and employers today announced a $16 million Series B funding round led by MemorialCare Innovation Fund, which included LRV Health, OSF Ventures and UnityPoint Health Ventures, elevating the company’s total funding to more than $30 million. Existing investors, Act Venture Capital and B Capital Group participated in the round as well. Other initial investors were Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.
Three of the Series B investors, MemorialCare Innovation Fund, UnityPoint Health Ventures, and OSF Ventures are associated with some of the major healthcare systems who currently use SilverCloud, a testament to the quality and results of the platform.
“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. We are delivering easier, earlier access to mental health care, that shows equivalency in results to face-to-face care. SilverCloud enables accessible and therapeutic virtual support with our clinically validated, outcomes-based platform proven to help the 1in 5 people with a diagnosed mental health condition. With multitudes of people being asked to stay home and health systems having to prioritize care, we recognize the heightened need for virtual support as the world copes with the Covid-19 pandemic. In response, we are expanding access to our platform to even more healthcare professionals, their families and their patients.”
SilverCloud’s mental health programs are used globally by more than 300 organizations including over 70% of the UK’s National Health Service (NHS) mental health services, part of the largest single-payer healthcare system in the world. The new funding round is earmarked to further expand program offerings in North America, enhance the current global portfolio, and conduct additional research and clinical trials. The platform has been used by more than 350,000 users, is growing by over 15,000 users per month and has demonstrated results on par with face-to-face therapy in multiple randomized controlled trials. Beyond its industry-leading results in clinical trials, its real-world evidence demonstrates that over 65 percent of SilverCloud patients, members, and employees have shown significant decreases in depression and anxiety symptoms. SilverCloud’s programs are evidence-based and involve clinical experts and users in the design and development of mental and behavioral health interventions.
“There’s a tremendous unmet need for mental health solutions in today’s world,” said Caleb Winder, Managing Director, MemorialCare Innovation Fund. “Based on results from more than 30 peer-reviewed studies, SilverCloud Health has a clear advantage in delivering positive clinical outcomes and a remarkable track record of success with unprecedented levels of engagement. With strong global connections to multiple providers already in place, our investment will enable SilverCloud to reach and help even more patients across the U.S. and beyond. SilverCloud has assembled strategic investors that touch almost 40% of all patients within the U.S. healthcare system.”
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 & resilience through to severe mental health and chronic concerns. Backed by over 17 years of research including partnerships with leading academic institutions, SilverCloud has seen exponential year-over-year growth since its inception in 2012.
“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. “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.”
Recent SilverCloud news includes announcements about it being part of the digital health formulary of ExpressScripts, a research collaboration with Microsoft Research to improve outcomes through artificial intelligence, and a commercial partnership with Shoppers Drug Mart, one of the most recognized and trusted names in Canadian retailing, to offer SilverCloud’s digital mental health platform in Canada. This further demonstrates how digital therapeutics solutions are becoming a critical component of mental health treatment and support, and how SilverCloud is determined to stay the leader in delivering outstanding results. More than 94 percent of users of SilverCloud’s scalable and responsive platform said the programs are helpful, relevant and supported them toward their goals.
About SilverCloud Health
SilverCloud Health is the world’s leading digital mental health company, enabling providers, health plans and employers to deliver clinically validated digital health/therapeutic care that improves outcomes, increases access and scale while reducing costs. The company’s multi-award-winning digital mental health platform is a result of over 17 years of clinical research with leading academic institutions. Today, SilverCloud is being used by over 300 organizations globally to meet their populations’ mental health needs. Global experts have deeply validated the platform through full randomized control trials and real-world data from over 350,000 SilverCloud users. The platform continues to lead the industry with its effectiveness, engagement, and range of clinical programs that encompasses the spectrum of mental health needs. Learn more at www.silvercloudhealth.com.
About MemorialCare Innovation Fund
MemorialCare Innovation Fund (MCIF) brings strategic investment funding to accelerate the development of companies in the healthcare information technology, healthcare services, and medical device sectors that can advance high-quality, effective healthcare. MCIF is focused on companies offering innovative products, services and technologies which help healthcare systems significantly improve performance and outcomes and achieve their community missions. (www.MemorialCareInnovationFund.com)
About B Capital Group
B Capital Group is a global firm specializing in equity investing in venture and growth-stage companies that have achieved traction with customers. Through our extensive global network and exclusive partnership with The Boston Consulting Group, B Capital helps high growth startups navigate business challenges, raise capital and attract talented leadership at key points of their journeys to scale. With offices in San Francisco, New York, Los Angeles and Singapore, B Capital believes innovation can come from anywhere. Our unique multinational presence and deep industry knowledge have enabled us to build a portfolio of B2B and B2B2C startups that are transforming large traditional industries across borders and geographies. Portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, CXA, Evidation Health, Icertis, INTURN, Plastiq, Ninja Van, Notable Labs and SilverCloud Health.
LRVHealth is an “Inside Healthcare” venture capital platform that was established in 2000 by an experience team of healthcare investors, operators, and advisors. LRVHealth’s investors include leading provider, payer, and vendor organizations who collaborate to identify, invest in, and adopt innovative solutions to the industry’s most pressing needs. The LRVHealth team provides early stage capital, operating experience, and industry insights to build the next generation of great healthcare companies.
About OSF Ventures
OSF Ventures specializes in venture optimization, partnering financially and operationally in companies that improve patient outcomes and reduce costs to health care systems. OSF Ventures is a division of OSF HealthCare. More at www.osfventures.org.
About Unity Point Health Ventures
Founded in 2019, UnityPoint Health Ventures makes direct investments in ideas and partners that provide an easier, more personal experience for patients and providers. As the venture capital arm of UnityPoint Health – one of the nation’s most integrated health systems – the firm invests in opportunities that improve patient outcomes and reduce the cost of health care. In addition to strategic investing, UnityPoint Health Ventures provides dedicated resources to accelerate portfolio company traction within UnityPoint Health and beyond. Through relationships with more than 315 physician clinics, 21 regional and 19 community network hospitals in metropolitan and rural communities and home care services throughout its 9 regions, UnityPoint Health provides care throughout Iowa, western Illinois and southern Wisconsin. More at uphventures.org.
About Act Venture Capital
Act Venture Capital is one of the longest established VC firms based out of Ireland. We partner early with visionary founders and support them from inception to scale, and beyond. Act has raised €500m across multiple funds and this investment is made from its fifth expansion fund, Act V.