BehaVR has secured new funding and new partners across the pond.
The Nashville-based health care virtual reality firm has merged with Oxford, England-based OxfordVR, according to a news release. Terms of the deal were not disclosed.
In addition, the combined company, which will keep the BehaVR name, has raised a $13 million round of funding, led by Optum Ventures and Oxford Science Enterprises.
Founded in 2016, BehaVR uses virtual reality, cloud computing and machine learning combined with neuroscience to develop treatments to help people make improvements to their health, in areas such as stress reduction, maternal health and addiction recovery. The company was founded by CEO Aaron Gani and counts former U.S. Senate Majority Leader Dr. Bill Frist as a board member and founding partner.
The deal creates the largest VR behavioral health platform, in terms of number of services, according to the release, and will accelerate the BehaVR’s growth. Gani will lead the combined company.
“The demand for mental health services far outstrips available resources. Providers need help, and that help is available today through our clinically-validated and evidence-based digital programs,” Gani said in the release. “In bringing together two innovative virtual reality therapeutics teams, we are positioned to serve the widest range of patient populations possible at a time of intense need.”
OxfordVR was spun out of Oxford University and uses automated cognitive-behavioral VR therapy to treat patients, according to the release. OxfordVR founder and Chief Scientific Officer Daniel Freeman will join the combined company’s leadership team.
Confluent Health, Accenture Ventures, Chrysalis Ventures and Thornton Capital also participated in the funding round, according to the release.
“Mental health issues in the U.S. and around the world have never been more prevalent, and there is an urgent need for increased resources and treatment,” said Tom Lounibos, managing director of Accenture Ventures, said in a release. “BehaVR is using the immersive power of virtual reality to activate and rewire neural pathways to treat people suffering from anxiety, stress, fear and other conditions.”
