Array Behavioral Care announces $25M funding round led by CVS Health
New Jersey-based virtual psychiatry and therapy platform Array Behavioral Care scored $25 million in its latest funding round led by CVS Health. Additional capital was provided by existing investors.
CVS Health joins Array’s earlier investors in supporting the company, including Wells Fargo Strategic Capital, Harbour Point Capital, Health Velocity Capital, OSF Healthcare, HLM Venture Partners and OCA Ventures.
The funding will help Array scale its virtual behavioral therapy platform, which the company says CVS Health will allow it to do faster.
Dr. David Fairchild, senior vice president and chief medical officer of retail health at CVS Health, will also join Array’s board of directors.
“Array has consistently been a strong mental health care provider within Aetna’s network,” Cara McNulty, president of behavioral health and mental well-being for CVS Health, said in a statement. “As CVS Health drives more innovation into care delivery, we look forward to working with Array to enhance access that complements our existing services in new ways.”
THE LARGER TREND
Mental healthcare continues to make up a significant portion of telehealth visits. A 2022 analysis by the Kaiser Family Foundation of 126 million patients revealed 39% of telehealth outpatient visits were for a mental health or substance use diagnosis.
Another teletherapy service is Sensible Care, which also provides in-person transcranial magnetic stimulation, a therapy used for patients with depression who don’t respond to or can’t use medication. Sensible scored $13 million in a Series A funding round in July.
Virtual mental healthcare provider Iris Telehealth, which offers telepsychiatry services through partnerships with providers, and scooped up $40 million in Series B funding in April.
Brave Health, which announced its own $40 million raise in the fall, offers virtual therapy, psychiatry and medication management for mental health concerns and substance use disorders. Digital therapeutics company Twill, previously known as Happify Health, also recently partnered to offer teletherapy.