SilverCloud calms nerves with $16m series B

SilverCloud Health, a US-based digital mental health platform spun out of Trinity College Dublin, has raised $16m in a series B round led by MemorialCare Innovation Fund, the investment vehicle of medical care provider MemorialCare Health System.
UnityPoint Health Ventures and OSF Ventures  – respective corporate venturing arms of healthcare providers UnityPoint Health and OSF HealthCare – took part in the round alongside LRVHealth, B Capital Group and Act Venture Capital.
Founded in 2012, SilverCloud’s platform provides access to more than 30 clinically-validated digital treatments for mental health conditions such as depression and substance addiction.
The platform is available through more than 300 organisations, including more than 70% of mental health capacity in the UK’s National Health Service, as well as MemorialCare, UnityPoint, OSF and certain health systems that have backed LRVHealth.
The cash will be allocated to additional clinical research as SilverCloud aims to drive international expansion in markets including North America, where it has recently entered a distribution deal with Canada-based Shoppers Drug Market.
SilverCloud has also joined forces with technology firm Microsoft in a bid to equip its offering with artificial intelligence-driven functionality.
The round increased SilverCloud’s total funding to above $30m, it said. B Capital Group led its $8.1m series A round in 2017, investing with AIB Seed Capital Fund, ACT Venture Capital and Investec Ventures.
AIB Seed Capital Fund and state-owned enterprise support agency Enterprise Ireland both featured in a $2m seed round for SilverCloud in 2013 led by Ulster Bank Diageo Venture Fund, a partnership between beverage producer Diageo and financial services firm Ulster Bank that is managed by Investec Ventures.