BehaVR and OxfordVR Combine and Raise Series B to Create Largest VR Delivery Platform for Evidence-Based Digital Therapeutics
- Uniting under the BehaVR brand, digital therapeutic companies BehaVR and OxfordVR will deliver comprehensive virtual reality-based treatments for mental and behavioral health
- Clinically-validated, immersive, digital treatments will span the full spectrum of mental and behavioral health needs
NASHVILLE, Tenn. and OXFORD, England, December 13, 2022 — Virtual reality mental and behavioral health companies BehaVR and OxfordVR today announced their merger, supported by an initial $13 million in Series B funding led by Optum Ventures and Oxford Science Enterprises, with participation from Confluent Health, Accenture Ventures, Chrysalis Ventures and Thornton Capital.
The combination of the two digital therapeutic companies creates the largest VR delivery platform for evidence-based digital behavioral therapies and accelerates the combined company’s growth strategy.
Globally, roughly one billion people are living with a mental health condition, including nearly 20% of U.S. adults. For people with Serious Mental Illness (SMI), ordinary tasks such as using public transit, spending time with family or leaving home can be difficult. At the same time, as the U.S. seeks to expand its behavioral health workforce, existing mental health care providers are increasingly overworked. The self-reported burnout rate among psychiatrists is 78%.
Virtual reality allows clinicians to create multi-sensory patient experiences that the brain processes as real. These interventions are tailored to each patient’s unique behavioral health needs. Operating under the BehaVR brand, the comprehensive VR treatment platform will help providers, payers and employers deliver and increase access to enhanced behavioral care.
BehaVR’s comprehensive platform will treat anxiety, stress, pain and addiction using real-time biometrics, protocols and machine learning models. OxfordVR, whose gameChange product was recently granted FDA Breakthrough Device designation, will treat patients using automated cognitive-behavioral VR therapy. These therapies can be delivered by a wide range of clinical staff, peer group members and at home.
The combined company will be led by BehaVR Founder and CEO Aaron Gani. Gani’s leadership team will include psychiatrist, researcher and author Dr. Daniel Freeman, PhD.
“The demand for mental health services far outstrips available resources. Providers need help, and that help is available today through our clinically-validated and evidence-based digital programs,” said Gani. “In bringing together two innovative virtual reality therapeutics teams, we are positioned to serve the widest range of patient populations possible at a time of intense need.”
“What an exciting time for digital innovation in mental health,” said Deepak Gopalakrishna, CEO of OxfordVR. “The combination of BehaVR and OxfordVR brings together two organizations leading work in virtual therapeutics to bring evidence-based, clinically validated treatments to patients.”
About the Combined Entity, BehaVR
BehaVR is a leader in building evidence-based, immersive, digital therapeutics designed to create a more resilient world, liberated from fear and pain. Its suite of clinically validated therapeutics offer access to treatments on a spectrum across mental wellness and mental and behavioral conditions, including validated treatments for serious mental illness. BehaVR is the first immersive digital therapeutics company to deliver these treatments on an integrated platform that simplifies the patient experience, enables clinician oversight, and generates patient-specific care plans and measurable outcomes. Combining a team of accomplished clinicians and researchers with proven healthcare veterans and technology innovators, BehaVR is dedicated to improving access to better mental health through immersive technology.