AUSTIN, Texas, July 30, 2021 / PRNewswire / – Rey, a new mental health and wellness company that integrates immersive tools and digital interventions with teletherapy, announced today $ 10 million in new funding, increasing its A series to a total of $ 26 million with the round led by Optum Ventures and Oxford Sciences Innovation.
The new funding will help Rey expand the reach of its consumers and provide more people with access to care through personalized services and cutting-edge technology. Rey will also absorb OxfordVR and bring to market clinically validated virtual reality (VR) and digital treatments for phobias, psychosis, post-traumatic stress disorder and social avoidance.
“Mental and behavioral health care is rapidly being destigmatized, which is fantastic. But that means there is a growing need and reliance on providers to provide that care, which can increase costs,” he said. Mike Desjadon, commercial head of Rey. “Through our innovative digital care approach, we can turn the script around and offer more personalized care at an affordable price to address a variety of mental health needs.”
Released a April 2021, Rey works to improve mental health and well-being by combining cognitive behavioral therapy, conversation therapy, medication, and clinically validated technological tools, such as virtual reality, to care for people in new ways.
OxfordVR, was founded in 2017 by Dr. Daniel Freeman, Professor of Clinical Psychology a Oxford University. Freeman pioneered the use of VR in serious mental illness for more than two decades and is Rey’s senior scientific advisor for the development of new automated therapeutic products. Possible future treatments include obsessive-compulsive disorder and substance use disorder.
“With a strong focus on expanding online mental health services, the challenge now is for companies to meet demand,” he said. Deepak Gopalakrishna, founder and CEO of Rey. “We are integrating innovative and validated therapeutic tools with well-trained providers to ensure people have access to the high-quality care they need, while keeping costs low and avoiding depletion of providers.”
Rey is an on-demand mental health company that aims to revolutionize mental health and wellness by improving access to personalized services through technology. Rey combines proven therapeutic interventions, such as cognitive-behavioral therapy, with clinically validated tools, such as virtual reality, to address a wide range of members ’needs in new and innovative ways. Developed by OxfordVR, a derivation of Oxford University and a leader in leverage technology to provide proven treatment tools in immersive environments, Rey is equipping care teams with the tools they need to bring world-class treatments directly to members ’homes. For more information, visit www.getrey.com.
Optum Ventures is the independent venture fund of Optum, a leading business in information and technology-enabled health services dedicated to helping make the health care system work better for everyone. Optum Ventures invests in digital healthcare companies that use data and statistics to help improve consumer access to health care services and how care is offered and paid for, and that make the healthcare system more reliable and easy to navigate. For more information, visit www.optumventures.com.
Oxford Sciences Innovation
Oxford Sciences Innovation is a builder of scientific companies. We build companies that change the world, contributing Oxford science in the world faster. Since 2015 we have worked with more than 200 of Oxford leading academics to build a portfolio of more than 100 companies, worth more than $ 2 billion, all based on Oxford science, created +1,500 new jobs and added +55,000 square feet of lab and startup space; take advantage of Oxford recognized research legacy to create a leading scientific ecosystem. A place where scientific advances become world-changing companies. Our business portfolio spans four sectors: Life Sciences, Deep Tech, Health Tech and Software & AI, addressing challenges such as the diagnosis and treatment of devastating rare diseases and cancer, sustainability, nuclear fusion, quantum computing and cybersecurity. For more information, visit www.oxfordsciencesinnovation.com.