Rey Announces $10 Million in New Series A Funding to Expand Access to Mental Health through Digital Capabilities
Rey, a new mental health and wellness company integrating immersive tools and digital interventions with teletherapy, announced $10 million in new funding, increasing their Series A to a total of $26 million with the round led by Optum Ventures and Oxford Sciences Innovation.
The new funding will help Rey expand its consumer reach and provide more people with access to care through personalized services and leading-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.
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“Mental and behavioral health care is rapidly becoming destigmatized, which is great. But that means there is a growing need and reliance on providers to provide this care, which may drive up costs,” said Mike Desjadon, chief commercial officer of Rey. “Through our innovative digital care approach, we can flip the script and provide more personalized care at an affordable price to treat a variety of mental health needs.”
Launched in April 2021, Rey is working to improve mental health and wellness by combining cognitive behavioral therapy, talk therapy, medication, and clinically validated tech tools, such as VR, to care for people in new ways.
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OxfordVR, was founded in 2017 by Dr. Daniel Freeman, Professor of Clinical Psychology at Oxford University. Dr. Freeman pioneered the use of VR in severe mental illness for more than two decades and is the senior scientific advisor to Rey for development of new automated therapeutics. Potential future treatments include Obsessive-Compulsive Disorder and Substance Use Disorder.
“With a big focus on the expansion of online mental health services, the challenge now is for companies to meet the demand,” said Deepak Gopalakrishna, founder and chief executive officer of Rey. “We’re integrating validated and innovative therapeutic tools with well-trained providers to ensure people have access to the high-quality care they need while keeping costs low and preventing provider burnout.”