US online provider of psychiatric and behavioural therapy services Cerebral has received $127m (£89.8m) in Series B funding.
The funding round was led by investors Access Industries, joined by Silver Lake Waterman, Artis Ventures, Bill Ackman, Oak HC/FT, WestCap, Chris Burch, AirAngels, and others.
The firm says it will use the new funds for product development, expanding the business and service offering to cover anxiety, depression, insomnia, ADHD and group therapy, and to grow its in-network insurance options.
The firm revealed it has partnered with several insurers and will continue to add more as it aims to be contracted with every major plan in the US.
Commenting on the funding injection, Cerebral founder and CEO Kyle Robertson, said: “I am humbled to work with a talented, mission-driven team to transform access to high-quality mental health care and provide the best care to everyone who needs it.
“We will not stop building, growing, and iterating until everyone, everywhere can access high-quality mental health care without the high cost, wait times, and stigma seen in traditional care.”