Cerebral, Inc., a San Francisco, CA-based online provider of psychiatric and behavioral therapy services, received $127m in Series B funding.
The round was led by Access Industries, joined by WestCap, Silver Lake Waterman, Artis Ventures, Bill Ackman, Oak HC/FT, Chris Burch, AirAngels, and others.
Led by Founder and CEO Kyle Robertson, Cerebral has introduced medication management and behavioral health services to every state in the U.S. and is able to provide therapy services to over 70% of the population. The company also debuted its mobile app, launched digital cognitive behavioral therapy (CBT), and introduced in-network insurance coverage. Cerebral has over 2,000 team members and continues to scale.
The company intends to use the funds to further expand its services and products, add several new mental health verticals to its treatment offerings, which already include anxiety, depression, insomnia, ADHD, and more. Cerebral will also add group therapy to its services.
A major focus for Cerebral will be on expanding its in-network insurance options. The company has partnered with several insurers and will continue to add more as it aims to be contracted with every major plan in the U.S. The company expects to cover over 100 million lives via in-network insurance by the end of 2021.