SilverCloud Health, the world’s leading digital mental health platform for providers, health plans and employers is to enhance its range of therapy programmes in the UK as part of expansion plans after securing £13m funding from leading health investment groups.
The new funding round will see the company further developing its innovative approaches to therapy, addressing the range of psychological conditions across all age groups. This will include the UK and Europe, and also further expand the geographical reach of its services in the US.
Founded in 2012, SilverCloud’s mental health programmes are used globally by more than 300 organisations including more than 70% of NHS mental health services. It 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.
“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. SilverCloud enables easier, earlier access to clinically validated mental health care that shows results equivalent to face-to-face care for the 1 in 5 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 new – Series B – funding round, led by MemorialCare Innovation Fund, and which included other US healthcare groups LRV Health, OSF Ventures and Unity Point Health Ventures, has helped raise the company’s total funding to more than $30 million and brings together a group of healthcare investors with extensive experience in the US healthcare market.
It will see the company, which has offices in Dublin, London and Boston, enhancing its current global portfolio, expanding availability of its programme offerings in the US and enabling additional research and clinical trials to be conducted. SilverCloud will also expand its presence in Europe, with new and existing partners like Thieme Telecare, part of the Thieme Group and one of the leading providers of integrated care in Germany. Existing investors ACT Venture Capital and B Capital Group, participated in the round as well.
The SilverCloud platform, used by more than 350,000 users and growing by more than 15,000 users per month, has demonstrated results on par with face-to-face therapy in multiple randomised controlled trials. Beyond its industry-leading results in clinical trials, its real-world evidence demonstrates that more than 65 percent of SilverCloud users have shown significant decreases in depression and anxiety symptoms.
SilverCloud’s programmes are evidence-based and involve clinical experts and users in the design and development of the mental and behavioural health interventions. Backed by over 17 years of research including partnerships with leading academic institutions, SilverCloud has seen exponential year-over-year growth since 2012.
Raj Ganguly, Co-founder and Partner, B Capital Group, 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.”
The past year has seen some significant developments for SilverCloud. In October, it announced a research partnership with Microsoft to improve outcomes through artificial intelligence, based at Microsoft Labs in Cambridge, England. In December, it was announced that the SilverCloud platform would be included in digital health formulary of ExpressScripts, the largest independent manager of pharmacy benefits in the US.
This further shows 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 outcomes. More than 94 percent of users of SilverCloud’s scalable and responsive platform said the programmes are helpful, relevant and supported them toward their goals.
