£10m investment for Oxford VR
Oxford VR has secured £10 million Series A investment.
The firm plans to accelerate the US expansion of its automated virtual reality therapy solutions.
The round was led by Optum Ventures and supported by Luminous Ventures. Also participating were existing investors Oxford Sciences Innovation, Oxford University Innovation and GT Healthcare Capital Partners.
Ash Patel, Principal at Optum Ventures, will join the Oxford VR board of directors.
“Oxford VR has taken a technology-led approach to create evidence-based solutions that will make treatment more accessible to patients who need it,” said Patel.
“We believe Oxford VR’s solutions will benefit those who need access to high quality, effective cognitive behavioural therapy.”
Mental health disorders are on the rise in every country around the world and could cost the global economy $16 trillion by 2030. There are huge unmet needs in mental healthcare, including access challenges, poor outcomes, the high cost of care, low patient engagement rates and a shortage of skilled clinicians.
Oxford VR hopes to address these challenges.
“Together with Optum, Luminous Ventures and the continued support from our existing investors we can expand our clinical leadership footprint and accelerate our pipeline of automated VR therapy treatments,” said CEO and co-founder Barnaby Perks.