Array Behavioral Care, a provider of telepsychiatry services, announced the closing of its latest equity funding round to further scale its virtual behavioral health care services.
CVS Health led the investment round, with participation from existing investors Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, HLM Venture Partners, OCA Ventures, and OSF Healthcare.
The company plans to use the new funds to scale up its virtual mental health and psychiatry services across the U.S.
Commenting on the funding news, Geoffrey Boyce, CEO and Co-founder of Array, said: “The Array team’s experience with telepsychiatry spans more than two decades, and during this time, we’ve been at the forefront of creating, implementing, and evolving virtualized mental health programs across the continuum of care.
“From our first telepsychiatry encounter in a rural hospital in 1999 to caring for patients online from their homes today, we’ve stayed true to our mission to meet patients where they are regardless of acuity level or setting to deliver the behavioral health care they deserve.” “As we continue to lead the charge in transforming access to modern behavioral health care, we’re proud to do it with our existing partners and CVS Health,” added Geoffrey Boyce.
An estimated 150 million Americans, or 40% of the population, live in federally designated mental health professional shortage areas. According to research by the U.S. Department of Health & Human Services, only 27.7% of the national need for mental health professionals is actively being met. This shortage of mental health professionals prevents patients from receiving the care they need, resulting in adverse health outcomes. The virtual care model allows for a more equitable distribution of clinical resources, particularly in rural and underserved communities, helping to remove barriers that limit patient access and increasing collaboration between mental and physical health clinicians.
Array Behavioral Care raised $24 million in Series B funding in February 2011. The round was led by Wells Fargo Strategic Capital and Health Velocity Capital, with participation from Harbour Point Capital, HLM Venture Partners, OCA Ventures, OSF Healthcare, Impact Engine, FristCressey Ventures, Hyde Park Angels, and Wasson Enterprise.
Telepsychiatry startups providing mental health care services have more than raised $5 billion in funding to date, according to our funding database. The latest funding rounds include:
Talkiatry, a provider of telepsychiatry services, raised $17 million in a Series A funding round led by Left Lane Capital.
Sukoon Health, a provider of virtual mental health therapy, raised $15 million in a funding round led by Lightrock India.
Healios, an online mental health therapy platform that connects patients to mental health professionals in the United Kingdom, closed £14 million in a new funding round led by AlbionVC and InHealth Ventures, with participation from Autism Impact Fund.