Valera Health announced a $15 million funding round last week for its telehealth platform focused on patients with acute mental health conditions. 

The latest infusion of cash was led by Windham Venture Partners with participation from Aquiline Technology Growth, MultiCare Health System, Divergent Investments, Watershed, GreyMatter Capital and Gaingels.

This new funding round brings the New York-based company’s total funding to over $26 million, according to Crunchbase. 

WHAT IT DOES

Valera’s team has developed a virtual mental health platform catered to individuals with serious mental illness and severe depression. Patients are able to use the service to get personalized treatment and have a place to coordinate their care.

The company matches patients to a health coach, who is able to help patients find a therapist or doctor who meets their needs. A patient is then able to sit down with their care team to create a treatment plan and goals.

The company works with licensed therapists, nurse practitioners, case managers and psychiatrists. Clients are able to reach providers through the Valera app. The company also offers a library of mental health resources. 

According to the company’s funding announcement, it is able to personalize mental healthcare to individuals in different geographical locations and for BIPOC and LGBTQ+ communities. 

WHAT IT’S FOR 

The company plans to use the new cash to help grow its partnerships. 

"We're honored to have forward-looking partners who recognize the critical need for Valera's services and our commitment to serving patients who have been neglected historically. This financing will fuel our growth as we partner with leading health systems and health plans to make quality mental health care accessible for those with serious and persistent mental illness," said Dr. Thomas Tsang, co-founder and CEO of Valera. 

MARKET SNAPSHOT 

Digital mental health is having its day in the spotlight, and investors have taken notice. In fact, Rock Health reports that investors have poured $3.1 billion in mental health investments in the first three quarters of 2021. 

While many behavioral health companies are focusing on depression and anxiety, there are some like Valera that are looking at more acute conditions. For example, Click Therapeutics, a digital therapeutic focused on a variety of conditions, including major depression, insomnia and schizophrenia, recently landed $52 million in Series B funding.