SilverCloud Health has secured €1.5 million of new equity funding, which will help support the company’s continued international growth and development.
The €1.5 million investment is being led by The Ulster Bank Diageo Venture Fund, managed by Investec Ventures, with co-investment from the AIB Seed Capital Fund, managed by Dublin Business Innovation Centre (DBIC), and Enterprise Ireland.
A spin-out from a collaborative project between the National Digital Research Centre, Parents Plus – Mater University Hospital and Trinity College Dublin, SilverClould Health was established in March 2012 following over 10 years of advanced clinical and academic research.
SilverCloud’s cloud-based platform enables healthcare organisations to deliver evidence-based clinical content, programmes and support in the areas of mental health and chronic/long-term illness.
Clinical user trials have shown that the platform, which also helps to de-stigmatise mental health treatment, delivers a three fold increase in client engagement rates and a corresponding decrease in client drop-out rates when compared with other computer-based treatment programmes.
The company is now looking to expand on its traction in EU and US markets, in addition to accelerating its entry into Middle Eastern and Asian markets, where there is significant and growing demand for innovative solutions for the delivery of healthcare solutions.
Following the investment, Leo Hamill of Investec Ventures will join the Board of SilverCloud.
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