Octave, a hybrid behavioral healthcare company, has raised $52 million in Series C funding, bringing their total funding to $86 million. Led by Cigna Ventures, Novo Holdings, and Avidity Partners, the funds will be used to expand nationally in 2023, establish a presence in all 50 states by 2024, and develop new technology-focused products. Octave offers personalized in-person and virtual behavioral healthcare services, aiming to improve the effectiveness and accessibility of mental healthcare.
Octave, a hybrid behavioral healthcare company, has secured $52 million in Series C funding, bringing its total raised funds to $86 million. The funding round was led by Cigna Ventures, Novo Holdings, and Avidity Partners, with participation from existing investors such as Greycroft Partners, Health Velocity Capital, Obvious Ventures, Company Ventures, and Felicis Ventures.
Octave offers personalized in-person and virtual behavioral healthcare services, catering to couples, individuals, and families. The company is an in-network provider of employer-sponsored insurance plans, collaborating with various payers. Its physical facilities are situated in California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, D.C.
With the newly acquired funds, Octave aims to expand its national reach in 2023 and establish a presence in all 50 states by 2024. Additionally, the company plans to develop new technology-focused products for providers and payers, aiming to enhance the effectiveness and accessibility of mental health services. Octave intends to influence the overall functioning of the healthcare system, including payment models, care discovery, and supportive tools.
Sandeep Acharya, the co-founder, and CEO of Octave, emphasized the company’s mission to not only ensure access to mental health care but also to make it effective for patients and sustainable for providers. Octave previously raised $20 million in Series B funding in 2021 and $11 million in Series A funding in 2019.
In the market, Octave faces competition from other employer-focused hybrid behavioral healthcare providers like Lyra Health and Spring Health. Lyra Health secured substantial funding, including $235 million in Series F funding in the previous year, while Spring Health raised $71 million in April, resulting in a valuation of $2.5 billion.
