SilverCloud Health secures £12m funding to expand services
Digital mental health platform SilverCloud Health has secured $16m (£12m) in funding to expand its services.
The funding, provided by health investment group MemorialCare Innovation Fund, will go towards developing innovative approaches to therapy for a range of psychological issues, the company said.
Ken Cahill, chief executive of SilverCloud, said: “We are committed to providing truly impactful mental health support to all those with need.
“The need has never been greater than during this unprecedented global crisis. 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.”
SilverCloud’s services are used by more than 300 organisations globally, including more than 70% of NHS mental health services.
The platform provides more than 30 mental health programmes focusing on wellness and resilience through to chronic issues.
Alongside MemorialCare Innovation Fund, other organisations including LRV Health, OSF Ventures and Unity Point Health Ventures have helped raise the company’s funding to more than $30 million (£24m).
The new funding will enable SilverCloud to expand its US and Europe offering, according to the company.
Raj Ganguly, co-founder and partner of B Capital Group, one of SilverCloud’s existing investors, said: “Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organisations and its esteemed partner network.
“This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programmes to the millions of individuals who need them.”
In October 2019 SilverCloud announced it had partnered with Microsoft Labs in Cambridge to explore how machine learning and artificial intelligence (AI) could be used to personalise mental health care.
Together, the companies are researching how digital therapeutics could be tailored to respond to each individual’s unique care needs.
This includes providing early interventions that ensure patients have access to the right support at the right time, and in the right context.
