The digital mental health company Cerebral has raised $127 million in new funding, pushing its valuation to $1.23 billion, according to Bloomberg.
Billionaire Len Blavatnik’s Access Industries led the round, with Nami Park, an adviser to Access, joining the company’s board, the publication reported Thursday. Additional participants include Silver Lake Waterman, Artis Ventures, Bill Ackman and Chris Burch, as well as a number of existing investors.
Headquartered in San Francisco, Cerebral offers medication management, counseling and other mental health services, which are available through monthly subscriptions. It launched in January 2020 with the aim of improving access to mental health care by reducing wait times, care costs and other barriers. The startup operates through a mobile app and has partnered with insurers such as Cigna (NYSE:CI) and Anthem (NYSE: ANTM), with a stated goal of being in-network for all insured American by the end of 2023.
Cerebral’s latest funding comes about eight months after the company landed $35 million in Series A funding. It plans to use the new money to expand services such as group therapy and couples counseling, as well as to add treatment for PTSD, bipolar disorder, substance abuse, eating disorders, phobias, obesity and diabetes, according to Bloomberg.
Currently, the company treats a more limited list of conditions, such as anxiety, depression, insomnia and ADHD, among others.
In the future, Cerebral aims to become a “one-stop-shop” for behavioral health issues, CEO Kyle Robertson told Bloomberg. He also said he expects Cerebral to look to potentially launch in more countries and work with more employers in the future.
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