PsychologyOnline, a Cambridge, UK-based provider of clinically-proven online cognitive behavioural therapy (CBT) for the treatment of depression, recently (in June) raised £500k in funding.
The backer was Imperial Innovations Group plc (AIM: IVO) a technology commercialization and investment firm, which now has a 19.6% stake. Dr Rebecca Todd, Director of Healthcare Investments at Imperial Innovations, will join the board of PsychologyOnline.
The company is using the funds to expand its reach.
Launched in 2010 by Barnaby Perks, CEO, PsychologyOnline delivers real time therapy to NHS and private patients with a live therapist via the internet, allowing them to attend sessions in their own home, at times that suit them. The service is available to NHS customers in some areas in the UK.
All PsychologyOnline therapists are Chartered Psychologists or accredited Psychotherapists and are UK trained and accredited.
The service was demonstrated in a 300 patient clinical trial undertaken at three universities and NHS Trusts, including UCL, which was published in The Lancet in 2009. It emerged that an average of just six sessions of online therapy was needed for recovery from moderate to severe depression compared to between 16 and 20 for NHS face to face services.
To date, the company has raised a total of £1.6m. Investors include Cambridge Angels.