Investment & Fund Management
which was backed by the European Investment
Full Credential Description
SilverCloud Health, a company focused on the digital delivery of mental healthcare, faced significant challenges in providing accessible mental health services. The primary issues included barriers such as a shortage of clinicians, transportation difficulties, privacy concerns, and the stigma associated with seeking mental health treatment. To address these challenges, SilverCloud developed an interactive and customizable platform that allows users to access mental health programs anytime and anywhere, effectively reducing waiting times for treatment.
The tailored solution involved creating a comprehensive library of over 30 evidence-based programs targeting various mental health issues, including depression, anxiety, sleep disorders, and financial stress. This innovative approach not only expanded the scope of their services but also enhanced the user experience by making mental health care more accessible. By 2018, SilverCloud had partnered with more than 200 organizations worldwide and had helped over 200,000 patients, with a significant portion of these interventions occurring in the preceding year.
Quantifiable results from the platform demonstrated its effectiveness: 73% of patients reported significant improvement after 6-8 weeks of using the service. Additionally, the incidence of severe symptoms decreased from 12% to 4%, and moderately severe cases dropped from 20% to 8%, indicating that the outcomes achieved through the platform were comparable to traditional face-to-face therapy.
In late 2016, SilverCloud received a crucial equity investment from ACT Venture Capital, which was backed by the European Investment Fund (EIF) and the EU. This funding enabled the company to scale its operations, establish a physical presence in the US, and double its workforce, significantly accelerating its growth trajectory. Looking forward, SilverCloud aims to integrate wearable technology with its platform to further enhance mental health services.