With millions of people being asked to stay home and health systems needing to prioritize care, SilverCloud recognizes the heightened need for virtual, mental health support. As the world copes with the Covid-19 pandemic, 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.
“We are committed to providing truly impactful mental health support to all those with need,” said Ken Cahill, CEO of SilverCloud, “The need has never been greater than during this unprecedented global crisis. We are delivering easier, earlier access to mental health care that shows results equivalent to face-to-face care.”
SilverCloud Health is the world’s leading digital mental health company, enabling providers, health plans and employers to deliver clinically-validated digital health/therapeutic care that improves outcomes, increases access and scale while reducing costs. The company’s multi-award-winning digital mental health platform is a result of over 17 years of clinical research with leading academic institutions.
Today, SilverCloud is being used by over 300 organizations globally to meet their populations’ mental health needs. Global experts have deeply validated the platform through full randomized control trials and real-world data from over 350,000 SilverCloud users. The platform continues to lead the industry with its effectiveness, engagement, and range of clinical programs that encompass the spectrum of mental health needs. Learn more at www.silvercloudhealth.com.
A Partnered COVID-19 Response
Express Scripts, a health care opportunity company, is supporting members through the COVID-19 pandemic by working with SilverCloud Health to make their digital mental health platform available to clients and their members at no cost.
“We know Americans need help managing the physical and emotional toll of the COVID-19 pandemic,” said Glen Stettin, M.D. Chief Innovation Officer, Express Scripts. “In this time of self-quarantine and social distancing, these digital health tools can empower people, and help them think and feel better.”
SilverCloud Health’s digital health platform, which is included on the Express Scripts Digital Health Formulary, enables members to build resilience and develop skills to better manage stress and sleep issues. Based on principles of cognitive-behavioral therapy (CBT), mindfulness, and positive psychology, the action-oriented solutions could help members build self-awareness and self-management skills to improve emotional health.
“Together, Express Scripts and SilverCloud Health want to enable access to supportive programs focused on stress, sleep, and resilience during this difficult time,” added Cahill.
Beyond its industry-leading results in clinical trials, its real-world evidence demonstrates up to 65 percent of SilverCloud patients, members, and employees have shown clinically significant decreases in depression and anxiety symptoms.
New investments from key U.S. healthcare systems
SilverCloud Health has announced a $16 million Series B funding round led by MemorialCare Innovation Fund, which included LRV Health, OSF Ventures and UnityPoint Health Ventures, elevating the company’s total funding to more than $30 million. Existing investors, Act Venture Capital and B Capital Group, participated in the round as well.
Four of the Series B investors, MemorialCare Innovation Fund, UnityPoint Health Ventures, OSF Ventures and LRVHealth are associated with leading U.S. healthcare systems that currently use SilverCloud, a testament to the quality and results of the platform.
The new funding round is earmarked to further expand program offerings in North America, enhance the current global portfolio, and conduct additional research and clinical trials.
“There is a tremendous unmet need for mental health solutions in today’s world,” said Caleb Winder, Managing Director, MemorialCare Innovation Fund. “Based on results from more than 30 peer-reviewed studies, SilverCloud Health has a clear advantage in delivering positive clinical outcomes and a remarkable track record of success and unprecedented levels of engagement. With strong global connections to multiple providers already in place, our investment will enable SilverCloud to reach and help even more patients across the U.S. and beyond.”
“SilverCloud Health’s mission is to make people healthier by providing effective, accessible and affordable behavioral healthcare opportunities filling a massive void in the market today. B Capital Group is excited to back Ken and the team at SilverCloud Health, as they continue to change the way behavioral healthcare is delivered,” said Raj Ganguly, Co-founder and Partner, B Capital Group. “Our investment in SilverCloud Health is driven by our confidence in its team, its proven track record working with global health organizations and its esteemed partner network. This new capital will enable SilverCloud Health to continue to innovate, expand and broadly deploy its programs to the millions of individuals who need them.”
SilverCloud Health works with Enterprise Ireland, the Irish State agency that partners with Irish enterprises to help them start, grow, innovate, and win export sales in global markets. Enterprise Ireland is proud to support SilverCloud Health as it continues to innovate and offer helpful solutions during this challenging time.