Oxford VR, an Oxford, England, UK-based VR therapy company, closed a £10m Series A funding.
The round was led by Optum Ventures with participation from Luminous Ventures and existing investors Oxford Sciences Innovation, Oxford University Innovation and GT Healthcare Capital Partners. Along with this investment, Ash Patel, Principal at Optum Ventures is joining the Oxford VR Board of Directors.
The company intends to use the funds to accelerate US expansion of its solution and to continue to expand its treatment pipeline.
Founded in 2017 as a spinout from Oxford University’s Department of Psychiatry and led by Barnaby Perks, CEO, and Katie Bedborough, CFO & COO, Oxford VR provides an automated VR therapy that translates evidence-based cognitive behavioural therapy (CBT) through immersive virtual reality environments to provide a new evidence-based psychological treatment. Its first clinical trial for fear of heights, which was published in The Lancet Psychiatry, shows how automated VR therapy can produce large clinical benefits. In addition to providing VR therapy to NHS patients, the company is participating in several trials in UK, Asia, and US.