Mental Health Technology Series B Rounds in 2017

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Mental Health Technology Series B Rounds in 2017

Tens of millions of Americans struggle with mental health disorders like depression and anxiety, yet lack access to behavioral healthcare providers due to insurance barriers or the financial strain. Concert Health strives to eliminate these roadblocks by using primary care visits as a platform to connect patients directly with mental health professionals.

Over the past few years, the digital health sector has seen an uptick in investment, particularly from startups that use technology to make it simpler for patients to access care. This trend is spreading across various fields such as administrative tools that expedite admissions in hospitals to apps that administer therapy through touchscreen interfaces.

Early this year, the overall number of venture-backed deals to mental health tech startups decreased slightly; however, several niche sectors have remained resilient and continue to attract strong investment activity from various sources. Examples include online addiction recovery platform Workit Health, meditation app Simple Habit and daily motivational text messaging service Shine.

Venture capitalists have shown an interest in mental health technology that aims to help individuals improve their overall wellbeing, such as Big Health’s cognitive behavioral therapy programs Daylight for worry and anxiety and Sleepio for poor sleep. These services are supported by Gilde Healthcare and Morningside Ventures with $39 million raised in Series B funding to expand their capabilities.

Another example is Thymia, which uses video games along with assessments of microexpressions and speech patterns to assess a patient’s mental health in five minutes or less. The company is in preclinical testing and expected to become an influential player in virtual mental health assessment.

Grow Therapy, a New York-based startup, assists mental health practitioners to build and operate their own practices while being reimbursed by insurance. Its most recent $75 million Series B round was led by TCV and Transformation Capital with existing investors SignalFire and SVB also joining in.

The company believes this model will enable therapists to provide high-quality care and boost their productivity, as well as enable them to reach more people than through traditional business models could. With new funding, the company plans on expanding both its insurance coverage and clinical resources.

Though this is an encouraging development, there remain numerous questions and doubts about mental health technology that need to be addressed. These include whether these products actually improve wellbeing, how they can be monitored and regulated, as well as whether they can eliminate barriers that prevent some people from accessing care.

As a result, much emphasis is being put into creating more sophisticated digital platforms that assist those with more complex problems and provide personalized treatment plans. These initiatives come from an increased awareness of the need for accessible yet evidence-based approaches to mental health care. These companies have the potential to revolutionize how mental health services are provided to patients while decreasing stigma.

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- Welcome, SoundTherapy.com lowers anxiety 86%, pain 77%, and boosts memory 11-29%. Click on the brain to sign up or share with buttons below to help others: