Talkiatry, which provides telepsychiatry services, raised $5 million in a Series A funding round.
Sikwoo Capital Partners led the round with participation from Relevance Ventures and Richard Park, M.D., founder, and former CEO of CityMD. As part of the funding round, Cameron Newton, General Partner at Relevance Ventures; Dr. Richard Park, Founder, and former CEO of CityMD; and Kenneth Breen, Partner at Paul Hastings, will join the Talkiatry board.
The company, which offers telehealth and mental health care on an outpatient basis, plans to use the new funds to expand its operations and providers’ team and further develop its technology solution, including a patient-provider matching algorithm and a pre-diagnosis platform as a free service for those seeking help.
Founded in April 2020 by Robert Krayn and Dr. Georgia Gaveras, Talkiatry employs 16 clinicians – mostly psychiatrists – and plans to grow to 30 providers by the summer.
Since launching, Talkiatry has partnered with all the leading insurers and Medicare, allowing patients to access high-quality psychiatric care on an outpatient basis. This funding will further advance our growth trajectory – as an ‘all-in-one’ mental health provider, the company said in a statement.
“Talkiatry is on a mission to solve all the long-standing challenges the mental health system has been contending with for years, from lack of coverage and exorbitant out-of-network costs to the glaring data disconnect between insurers and providers,” said Robert Krayn, Co-Founder and CEO of Talkiatry.
“Our core business is already profitable, and we have successfully brought both providers and insurers together for the benefit of patients. We are uniquely positioned to expand our reach via the collaborative care model (CoCM), which will allow us to offer the expertise of our top-notch team to healthcare practices across the country.”
According to Mercom funding data, digital mental health startups have raised over $1 billion in 2020. Recently, Valera Health, a digital mental health services provider, announced the closing of a $3.8 million round.