Teletherapy provider Sensible Care scored $13 million in a Series A funding round led by Volition Capital with participation from Skyline Investors.
WHAT IT DOES
Founded in 2017, the startup offers virtual therapy and psychiatric services for patients, including children and couples. Sensible Care also offers in person transcranial magnetic stimulation, a therapy used for patients with depression who are unresponsive to or unable to take medication.
The company currently operates in California, but plans to use the investment to expand and further develop its platform. Sensible Care said it will focus on states with a large population of patients covered by TRICARE, health plans for military service members and their families, such as Texas, Florida and Virginia.
“Our goal is not only to provide patients with on-demand access to mental health care, but to do so at a level of quality that comes with the long-lasting patient-caregiver relationships that are the foundation of any traditional practice,” said CEO Paul . Kim said in a statement.
“After personally experiencing the frustrating hurdles to accessing quality mental health care, especially for military veterans, my co-founders and I set out to find a solution that maximized access for patients by leveraging their insurance while providing value. for health care providers through technically assisted employment.”
Mental health care continues to be a large part of the use of telecare. According to FAIR Health’s Monthly Telehealth Regional Tracker, mental health diagnoses were 64% of telehealth claim rules in April.
While digital health funding generally slowed in the first quarter of this year, Rock Health found that mental health was still the most well-funded clinical field, bringing in $1 billion.
Another company that provides virtual psychiatry services is Iris Telehealth, which partners with health systems, hospitals and community health centers to offer its services. It recently announced that it had increased $40 million in Series B financing.
In December, the hybrid startup UpLift . started scored $8 million to add and geographically expand psychiatric services. Another psychiatric care startup, Talkiatry, closed a $37 million Series A round in early 2022.