Dublin’s SilverCloud Health raises €14.7m in Series B

9 Apr 2020

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Irish mental health platform SilverCloud Health has raised €14.7m to expand operations in the US and conduct further research.

On Wednesday (8 April), Dublin-headquartered mental health platform SilverCloud Health announced that it has raised $16m (€14.7m) in Series B funding. SilverCloud’s digital platform is used by more than 300 organisations globally, including healthcare systems and providers, and employers.

The round was led by MemorialCare Innovation Fund, with investment from LRVHealth, OSF Ventures and UnityPoint Health Ventures. These four funds are associated with US healthcare systems that currently use SilverCloud’s platform.

Future Human

There was also participation from existing investors Act Venture Capital and B Capital Group, bringing SilverCloud’s total funding to more than $30m.

Ken Cahill, CEO of SilverCloud Health, 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.”

Accessible mental health care

Since it was founded in 2012, the company’s mental health programmes have been used by more than 350,000 users, including more than 70pc of the NHS mental health services in the UK.

SilverCloud has more than 30 online mental health programmes, from wellness and resilience to severe mental health and chronic concerns. These are backed by more than 17 years of research, including partnerships with academic institutions.

With the funding, the company now plans to further expand its programme offerings in the US and enhance its current global portfolio. It also plans to conduct additional research and clinical trials.

Cahill explained: “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.”

Expanding reach

Caleb Winder, managing director of the MemorialCare Innovation Fund, said: “There is a tremendous unmet need for mental health solutions in today’s world.

“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 and 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 US and beyond.”

Raj Ganguly, co-founder and partner at B Capital Group, added: “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.”

Kelly Earley was a journalist with Silicon Republic