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NDRC welcomes $ 8m investment in SilverCloud Health

silvercloud ben

The SilverCloud Health team and Ben Hurley, CEO, NDRC (far right)  

“SilverCloud Health have identified, created and captured an excellent market opportunity where health-tech can help society and create significant economic value in the process” – NDRC CEO Ben Hurley

Wednesday 18th January 2017 – NDRC, the investor in early stage digital companies, has strongly welcomed the $8m Series A investment round announced today by SilverCloud Health which spun out of NDRC ‘s Catalyser acceleration programme in 2012.

The Series A round was led by B Capital Group in San Francisco with strong participation from Irish investors including ACT Venture Capital, Investec, AIB Seed Capital Fund (managed by Dublin BIC) and NDRC.

NDRC is a founding investor in SilverCloud Health since its formation in 2012. At that time, NDRC’s commercial development leader on the project Ken Cahill became a co-founder and CEO of the company.  SilverCloud has been chaired since 2012, and up to the conclusion of this Series A round, by NDRC CEO Ben Hurley who has been succeeded by Ken Cahill of SilverCloud.

With continuing NDRC support, SilverCloud secured €1.5m seed investment in 2013 from Investec, DBIC and EI.  It attracted a further €1.7m investment in 2015 in a second round of seed funding from Investec, DBIC, NDRC, ACT Venture Capital and EI.

To date NDRC has invested in over 200 companies. This portfolio of companies has a collective market cap of over €328m as of end of December 2015.

NDRC CEO, Ben Hurley said, “SilverCloud Health is a deeply innovative company using cloud technologies which enable healthcare organisations to provide a broad range of therapeutic programmes to patients and clients. This is primarily in the area of mental health and wellbeing, where SilverCloud’s online therapeutic solution expands the reach and efficacy of various therapies on a cost efficient basis.

“SilverCloud is also a great example of NDRC’s proven approach where our programmes work with startups to bridge the gap between research and venture investment. They have identified, created and captured an excellent market opportunity where health-tech can help society and create significant economic value in the process.

“The new investment that SilverCloud has achieved will help them to continue their growth and development underpinned by all of their achievements to date. We’re very pleased to continue to be involved with the company from its earliest stages to this point where they are now poised for further significant progress.”

NDRC’s digital ventures cross a range of industry sectors. It invests primarily using an accelerator model through its NDRC LaunchPad, NDRC Venturelab and NDRC Catalyser investment programmes, providing modest amounts of capital and high amounts of hands on support to early stage digital companies.  The Department of Communications, Climate Action and Environment is NDRC’s funding partner.

SilverCloud began as a concept arising from more than 10 years of advanced clinical and academic research when Trinity Computer Scientist, Gavin Doherty, an expert on human computer interaction in healthcare, and his colleague Dr. David Coyle, joined up with Dr. John Sharry of Parents Plus, with an idea for an online system to support mental healthcare.  Their collective ambition was to create a system covering the full spectrum of health and wellness – from depression and anxiety to addictions and long term Illness. By forming a team with Ken Cahill and project researchers James Bligh, Karen Tierney and David Coyle, they developed SilverCloud Health as a collaborative project between NDRC, Parents Plus – Mater University Hospital and Trinity College Dublin.

Ends.

Information:

Rachel Graham, Head of Communications and Investor Relations, NDRC.

Tel +353 1 690 8025. Email: rachel.graham@ndrc.ie

www.ndrc.ie

Tim Kinsella, MKC Communications, Tel. 086 813 7512.  Email: tim@mkc.ie