Big Health, the global leader in digital therapy dedicated to helping millions return to good mental health, announced today that it has raised $39 million in Series B funding, led by Gilde Healthcare and joined by Morningside Ventures, Kaiser Permanente Ventures (KPV) and Octopus Ventures; and Samsung NEXT.
Janke Dittmer, Managing Partner at Gilde and Isaac Cheng, Morningside Partner, will join the Big Health Board, which also includes Liz Rockett (KPV), Alliott Cole (Octopus) and Arun Gupta (Founder, Quartet) Big Health will use the funds to invest in new product development, expand its distribution channels and scale up its marketing activities.
“We’re excited about Big Health’s mission to deliver fully automated mental health solutions to millions of people around the world,” said Janke Dittmer of Gilde Healthcare. “Our investment philosophy is to support fast-growing, global businesses that provide better care at a lower cost and Big Health is a perfect fit. “That’s right.
“We are very pleased to add Big Health, the leading digital therapeutic company in mental health, to our therapeutic portfolio,” said Isaac Cheng, M. D. D. , Morningside Ventures “Big Health has led the market in its commitment to clinical evidence and in pioneering innovative go-to-market strategies. We believe that the company is ideally positioned to dominate the digital therapeutic space and to help millions to return to good mental health as a result. “That’s right.
This news marks another important milestone for Big Health:
In June 2019, Big Health announced a partnership with CVS Health to streamline customer adoption of its digital therapeutics; the first step was to add Big Health’s SleepioTM-for poor sleep-to the CVS pharmacy benefit management form, which simplifies employer registration and reimbursement.
At the beginning of April of this year, in response to the Covid-19 pandemic, the company announced its Community Access Program, which enabled companies and their employees to sign up for free access to Sleepio and Daylight. To date, the United Kingdom’s National Health Service (NHS), Boston Medical Center, AmeriGas and more than fifty other companies have signed up to this program, adding more than six million employees covered by the program in a matter of weeks.
Big Health also recently announced key findings from the health economic assessment of Sleepio at Fortune 500, which compared two groups of employees – the Sleepio user group and the corresponding control group – and their respective health costs over an 18-month follow-up period. The results showed 28% lower overall annualized healthcare costs in the Sleepio user cohort compared to the corresponding control group.
“We entered 2020 having doubled our revenue in 2019,” said Peter Hames, co-founder and chief executive officer of Big Health. “That’s because customers like Target, Comcast and The Home Depot recognize that our digital therapists can fill a growing gap in their mental health benefits portfolio. With this funding and with Janke’s and Isaac’s strategic insights, we are well positioned to accelerate our new product innovation and increase sales and distribution capacity to meet growing demand. “That’s right.
About Great Health
Big Health was founded by entrepreneur Peter Hames and professor Colin Espie, a world sleep expert whose research has helped Peter overcome his insomnia. Our goal is to help millions get back to good mental health. Our “digital therapy”-DaylightTM, Fear & Anxiety, and SleepioTM, Poor Sleep-are fully automated, scalable cognitive and behavioral programs. Our products combine the intimacy of human voice, engaging animation, and clinically sound techniques to help people overcome their mental health challenges. Big Health products are supported by 50 published clinical papers, including 13 randomized controlled trials (RCTs) and are cited in leading clinical guidelines, including the American College of Physicists and NICE. Today, more than 12 million people worldwide have repaid access to Big Health products through leading employers in the United States and the United Kingdom. For more information, please visit www Great Health Come on,
About the Gilde Healthcare Service
Gilde Healthcare is a specialized health investor who manages over €1. 4 billion ($1 billion) 5 billion) across two funding strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund is investing in fast-growing digital health, medtech and therapeutic companies. Venture and growth companies are based in Europe and North America. The private equity fund of Gilde Healthcare invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH regions. The private equity fund is aimed at health care providers, suppliers of medical products and service providers in the healthcare market. Visit the company website at www for more information. Gold Healthcare Come on,
About Morningside Venture
The Morningside Group was founded in 1986 by the Chan family of Hong Kong to invest in private equity and venture capital. The group is managed by investment professionals who are entrepreneurial, have deep knowledge of the industry and are effective in the local environment in which they operate. In addition to its investment activities, Morningside Group has a strong commitment to social responsibility. Visit www to learn more. On the morning side Come on,
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