Boston-based SilverCloud Health, the provider of a digital mental-health platform, announced Wednesday it closed on a $16 million Series B round led by MemorialCare Innovation Fund, bringing its total funding raised to more than $30 million.
SilverCloud was founded in 2012 by Ken Cahill, Karen Tierney and James Bligh to use technology to address key challenges in healthcare. The company’s platform provides access to over 30 mental-health programs and is designed to remove barriers that often accompany mental-health services such as a lack of clinicians and privacy and stigma concerns. The company enables healthcare providers to offer accessible in-home programs, optimize resources and reduce the cost of services.
“We are committed to providing truly impactful mental health support to all those with need,” CEO Ken Cahill said in a statement. “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 one in five people with a diagnosable mental health condition.”
Cahill told Built In via email that the company plans to use the new funding to expand access to its digital services, strengthen its national customer base and build up its sales and support organization. The CEO also said the company plans to increase its clinical trials to maintain its leadership position within the mental-health services space.
According to Cahill, SilverCloud plans to hire for a range of positions that touch sales across its office locations in Boston, as well as London and Dublin.
In light of the hardships many people are facing due to the COVID-19 pandemic, Cahill also shared with us that the company is currently offering its programs for free and is developing a module designed to help people cope with grief, loss and sleep issues. SilverCloud is also working on a program to help people assimilate to life following the pandemic.
SilverCloud is currently used by more than 300 organizations worldwide including the United Kingdom’s National Health Service.
