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UK-based healthtech SilverCloud raises $16 million in funding

MemorialCare Innovation Fund led the funding round

UK-based healthtech SilverCloud has raised around $16 million in funding round, the local media reported.

The funding round for SilverCloud was led by MemorialCare Innovation Fund. Other investors that have invested in the healthtech includes  US healthcare groups LRV Health, OSF Ventures and Unity Point Health Ventures.

SilverCloud, which provides a digital mental health platform, will use the funding to further innovative its approaches to therapy, addressing the range of psychological conditions across all age groups.

Chief executive at SilverCloud Ken Cahill told the media, “We are committed to providing truly impactful mental health support to all those with need. 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.”

So far, SilverCloud has raised around $30 million in separate funding rounds. The company currently has offices in Dublin, London and Boston.

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.

According to media reports, around 350,000 people used SilverCloud’s platform. It also adding new 15,000 members every month.

 

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