Talkiatry Raises $20M in Series A
Talkiatry has raised $20 million in Series A funding, the in-network psychiatric care provider announced Tuesday.
That includes $5 million led by Sikwoo Capital Partners, which was previously announced in February, as well as another $15 million led by Left Lane Capital. Relevance Ventures and Dr. Richard Park, founder and former CEO of CityMD, also participated in the Series A raise.
The new funding will help Talkiatry further build out its proprietary technology and geographic footprint. Specifically, the company is looking to expand operations into additional states in the Northeast, as well as into the Mid-Atlantic and South, in 2022.
Founded in 2020, Talkiatry provides in-person and virtual mental health care services. It uses a unique technology-driven model to help solve the common problems psychiatrists face, while also meeting the needs of insurance companies. As such, its services are in-network.
The company employs more than 30 psychiatrists and 40 total providers. It has logged more than 30,000 patient visits since its launch. Plus, it has partnered with big-name health insurers, such as United Health Care, Aetna, Humana, Cigna and Blue Cross Blue Shield.
“There is a major shortage of psychiatrists, both presently and projected, and a lack of tools and support for them to practice more efficiently,” Georgia Gaveras, co-founder and chief medical officer of Talkiatry, said in a press release announcing the funding. “Doctors want to be doctors and Talkiatry is allowing them to do that by bringing creative and innovative solutions to the problems that have historically made it difficult to provide in-network care.”
VR-powered mental health startup Rey raises $10M
The mental health and wellness startup Rey has raised $10 million, bringing its total Series A funding up to $26 million, according to Forbes. Optum Ventures and Oxford Sciences Innovation led the funding round.
Rey was launched in April with the goal of using technology such as virtual reality and augmentation to help address the supply-demand gap in behavioral health. Specifically, it’s looking to automate certain aspects of mental health care to reduce the burden on clinicians and improve the patient experience.
The company combines cognitive behavioral therapy, talk therapy, medication and technology tools like VR to treat patients. It plans to use the new funding to expand its reach.
QLER Telehealth raises $7.4M to build out national network of psychiatrists
QLER Telehealth, an on-demand psychiatry partner, has raised $7.4 million in Series B funding, bringing its total funding raised up to $11.5 million, according to Crunchbase. MedEquity Capital led the investment, while Relevance Ventures completed it.
Founded as qlēr Solutions in 2017, QLER Telehealth aims to give regional health systems nationwide access to real-time psychiatry to improve the quality, cost and speed of patient care. It does that with its large group of employed psychiatrists who deliver virtual care to health system partners.
The company plans to use the new funding to build out its psychiatric group, while also expanding its growth team and partner success infrastructure.
DynamiCare raises $1.5M to grow digital SUD program
DynamiCare Health has raised another $1.5 million in seed funding to grow its digital program for addiction recovery. The new money brings the company’s total funding up to $5.6 million.
Early Light Ventures led the round, while the behavioral health advocate and former U.S. Rep. Patrick J. Kennedy also participated.
Based in Boston and founded in 2016, DynamiCare Health is a technology platform that uses financial incentives to help patients kick their substance use disorders (SUDs). When patients hit certain positive milestones and achievements, they’re rewarded with deposits on a smart debit card, which can’t be used for cash withdrawals, bars or liquor stores. The practice is known as contingency management.
DynamiCare partners with addiction treatment programs, health systems, accountable care organizations (ACOs) and health plans, who purchase the company’s services to use for their member populations.
While contingency management has proven to be an effective, evidence-based approach, it’s rarely leveraged in SUD treatment. DynamiCare aims to change that.
“Now that we’ve demonstrated our ability to increase quit rates by 2 [to] 3x in 3 published papers, we’re ready to expand,” Eric Gastfriend, co-founder and CEO of DynamiCare, said in a press release announcing the news. “COVID-19 has exacerbated behavioral health issues such as addiction. DynamiCare is able to offer a scalable, cost-effective solution by combining technology, hardware, rewards, and real human support and connection.”
The company plans to use its seed funding to grow DynamiCare adoption among health plans, employers, government agencies and the direct-to-consumer market.
In addition to the seed funding, DynamiCare has also brought in more than $3 million in grants and awards.
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