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 psychiatry services for patients, including children and couples. Sensible Care also provides in-person transcranial magnetic stimulation, a therapy used for patients with depression who don’t respond to or can’t use 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 large populations of patients covered under TRICARE, health plans for military service members and their families, like Texas, Florida and Virginia.
“Our goal is to not only provide patients with on-demand access to mental healthcare services but to do so with a level of quality that comes with long-term patient-provider relationships, which are the bedrock of any traditional practice,” CEO Paul Kim said in a statement.
“Having personally experienced the frustrating obstacles of accessing quality mental healthcare, especially for military veterans, my cofounders and I set out to create a solution that maximizes access for patients by leveraging their insurance while offering value for providers through tech-enabled employment.”
Mental healthcare continues to make up a large portion of telehealth utilization. According to FAIR Health’s Monthly Telehealth Regional Tracker, mental health diagnoses were 64% of telehealth claim lines in April.
Though digital health funding overall slowed in the first quarter this year, Rock Health found mental health was still the top-funded clinical area, bringing in $1 billion.
Another company providing 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 raised $40 million in Series B funding.
In December, hybrid mental health startup UpLift scored $8 million to add psychiatry services and expand geographically. Another psychiatric care startup, Talkiatry, wrapped up a $37 million Series A round early in 2022.