Financial News

SilverCloud Health raises $8.1m in funding

By Business & Finance
19 January 2017
Mark Kennedy, Irish Life Health, presenting Ken Cahill of SilverCloud Health with the Health & Life Sciences Award
Mark Kennedy of Irish Life Health presents Ken Cahill of SilverCloud Health with the Health and Life Sciences Award at last year’s eir Elevation Awards

Digital health company SilverCloud Health has announced that it has raised $8.1m in Series A funding.

Venture capital firm B Capital Group, founded by Raj Ganguly and Facebook co-founder Eduardo Saverin, led the investment round with significant participation from ACT Venture Capital and returning investors, Investec Ventures and AIB Seed Capital Fund managed by DBIC, NDRC and Enterprise Ireland.

SilverCloud Health is a global health tech company providing online therapeutic solutions to improve behavioural health and mental wellness.

Since launching in 2012 it has gone on to support over 80,000 patients across its global customer base, delivering clinical results that are on par with face-to-face therapy.

SilverCloud Health chief executive and co-founder Ken Cahill said: “This new investment enables us to drive forward with our commitment to evolve our health platform and address the ever-increasing global need in behavioural healthcare.”

He continued: “We believe that technology is the enabler to address the biggest healthcare challenge of this century, maximising clinical delivery while enhancing patient access and choice, through the ability to engage with therapy at a time that fits into diverse lifestyles and through devices that are a part of our everyday lives.”

Eduardo Saverin, co-founder and partner, B Capital Group, commented: “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.”

This funding round comes as SilverCloud Health is growing rapidly with an expanding research pipeline that continues to show the clinical effectiveness of the company’s behavioural health platform.

In November 2016, SilverCloud – whose platform is currently used by over 120 healthcare organisations across Europe and North America – picked up the Health and Life Sciences gong at the eir Elevation Awards at The Marker Hotel.