Dublin based digital health company SilverCloud, which provides online counselling and behavioural healthcare, has secured just over €16m in Series B funding.
The funding round was led by the MemorialCare Innovation Fund, LRV Health, OSF Ventures and Unity Point Health Ventures.
SilverCloud was founded in 2012 as a spin out company arising from a collaboration between the National Digital Research Centre, the Mater Hospital and Trinity College Dublin.
More than 300 organisations around the world use SilverCloud's mental health programmes, including a pilot project with the Health Service Executive here and over 70% of the UK's NHS mental health services.
SilverCloud said the new funding round will be used to further expand its global programme portfolio and to conduct additional research and clinical trials.
The company also plans to expand its presence in Europe, with new and existing partners including Germany's Thieme Telecare.
This latest round of funding brings SilverCloud's total funding to more than $30m. Existing investors, ACT Venture Capital and B Capital Group, also participated in the round.
"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," the CEO said.
"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," Mr Cahill added.
He said that with millions of people being asked to stay home and health systems needing to prioritise care, the company recognises the heightened need for virtual support as the world copes with the Covid-19 pandemic.
"In response, 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," Mr Cahill said.
