US-based digital health technology developer Digital Health raised $12m on Wednesday in a funding round that included Kaiser Permanente Ventures, the corporate venturing division of care consortium Kaiser Permanente.
Venture capital firm Octopus Ventures led the round, while investment fund JamJar Investments and angel investors Sean Duffy, Esther Dyson and Peter Read also took part.
Founded in 2010, Big Health is developing non-drug based treatments for mental health conditions, relying on approaches such as cognitive behavioural therapy. The company’s first product, Sleepio, is aimed at reducing insomnia by coaching a patient using a virtual character called the Prof.
The cash will help Big Health form partnerships with more companies to provide Sleepio to staff, and to develop additional products. Currently, more than 750,000 employees across the US are using Sleepio.
Big Health previously secured $3.3m in series A capital in 2014 from Index Ventures and Forward Partners, after Dyson, Read and Gi Fernando provided $515,000 in angel funding in 2012.
Liz Rockett, director of Kaiser Permanente Ventures, said: “At Kaiser Permanente Ventures, we invest in companies that tackle the biggest challenges in healthcare. Big Health is doing just that, pairing a commitment to peer-reviewed clinical evidence with exceptional user experience.
“We expect our investment to help the company pursue its mission to develop digital therapies to improve health.”