Rey Announces $10 million USD in New Series A Financing to Expand Access to Mental Health Through Digital Capabilities
Young clinicians just out of college have been burdened by the inequal supply and demand of mental health services.
Rey was originally released in April 2021. It aims to improve mental health by combining CBT, medication, talk therapy, and clinically validated tech tools such as virtual reality to provide new care.
Oxford Sciences Innovation and Optum Ventures will provide funding to support Rey's launch a tech-enabled mental health clinic on-demand. This is in response to the growing demand for high quality care in a resource-constrained market.
Oxford Sciences Innovation has been working with more than 200 Oxford's top academics since 2015. They have created over 100 companies and added over 55,000 square feet of lab and startup space. This builds on Oxford's research legacy and creates a world-class science ecosystem. Oxford Sciences Innovation is a place where scientific breakthroughs are transformed into world-changing companies. The Oxford Sciences Innovation portfolio includes four companies: Life Sciences, Deep Tech Health Tech and Software & AI. These companies address challenges such as sustainability, nuclear fusion and quantum computing.
Optum Ventures, the Optum Ventures independent venture fund, is a global information and technology-enabled healthcare services company that works to improve the health system for all. Optum Ventures invests into digital health companies that use data to improve consumer access to healthcare services, how they are delivered and paid for, as well as make the system more reliable and simpler to navigate.
Rey, a company that combines immersive media tools with digital interventions with teletherapy to improve mental health and wellbeing. In July 2021, the company announced $10 million in additional funding. This round was led by Optum Ventures, Oxford Sciences Innovation, and brings their Series A total to $26 million.
The company will be able to expand its market reach, and offer more people personalized care and technology. Rey will also acquire OxfordVR to enter the clinically-validated virtual reality (VR), and digital treatment market for Phobias and Psychosis.
Mike Desjadon, chief commercial officer at Rey, says that mental and behavioral healthcare is quickly becoming less stigmatized. This is a great thing. However, this means that providers are more dependent on them to provide the care. This could increase costs. Rey's digital care model is a revolutionary way for the company to offer personalized care at a reasonable price that treats a wide range of mental health conditions.
OxfordVR was established in 2017 by professor of Clinical Psychology at Oxford University, Dr. Daniel Freeman. For more than 20 years, Dr. Freeman was the pioneer in VR for severe mental illness and is now the senior scientific advisor of Rey to develop novel automated therapeutics. Future treatments could include Substance Use Disorder and OCD (Obsessive Compulsive Disorder).
Deepak Gopalakrishna, founder and chief executive officer at Rey, says that the company is combining innovative and validated therapeutic tools with highly-trained providers in order to provide quality care while keeping costs down and avoiding provider burnout.
What is Rey?
Rey is a service designed to reduce social anxiety. Rey provides ongoing coaching and virtual reality programs. This combination gives you the tools you need to overcome fears and reach your goals. Rey can also provide therapy and medication services to individuals with additional needs.
How much does Rey cost?
Rey offers a $89/month VR + coaching package. Rey provides unlimited self-guided therapy content that customers can access via the VR headset. Unlimited messaging with a Rey coach is available Monday-Friday. There are also two 20-minute live coaching sessions. Free shipping and return of the VR headset.
Are Rey's health benefits covered?
Rey is not currently covered by insurance. The company can provide the documentation you need to file a claim with your insurance company.
What is the secret to it?
One controller is kept in each hand and the VR headset is worn above the head. The headset displays a virtual environment with objects and people around it when powered on. The VR programs can be used in conjunction with your treatment sessions. These programs can be used at your convenience at your own pace, at home or at your leisure. These programs will help you understand the key concepts and strategies of your treatment and allow you to put them into practice.