Cerebral allows people to arrange virtual visits with therapists or nursing consultants.Photo Credit: Brain
With the support of SoftBank’s second Vision Fund, mental health startup Cerebral recently completed a $300 million round of financing. So far, the startup has raised a total of US$462 million, and is valued at US$4.8 billion. According to Bloomberg News.
Olympic gymnast Simone Biles also recently established a partnership with the company, joining as an investor and chief influence officer.
San Francisco-based Cerebral is one of several online mental health startups that provide consultation, treatment, and drug delivery services through online platforms.
The company has only been established for one year and uses a subscription model where patients can pay for consultation, treatment or drug delivery on a monthly basis. For example, the monthly subscription fee for weekly visits to the therapist is $259. The company has also established partnerships with insurance companies including Aetna, Blue Cross Blue Shield, Cigna, Magellan and Medicare, and said it is establishing partnerships with employers.
Cerebral claims that it has 2,000 clinicians and operates in all 50 states. There are some limitations: Although it provides drug-assisted treatment for alcohol use disorders, it does not treat all substance use conditions. According to its website, Cerebral also does not provide treatment for schizophrenia or suicidal ideation.
Founder and CEO Kyle Robertson said that Cerebral will use the funds to establish a “one-stop” mental health care service center with the goal of providing care for various diseases through a variety of treatment methods, including drug management, Treatment and digital therapy.
“For Cerebral, this is still just the beginning,” he said In the press release.
Of course, as other mental health startups raise funds and hope to win contracts with employers, Cerebral faces a lot of competition.Other competitors that provide treatment, guidance and medication include Ginger, which recently merged with Headspace Health Form a company worth $3 billion, And Lyra, this is Valued at US$4.6 billion.
