Oxford Science Enterprises’ Portfolio Company OxfordVR to Combine with BehaVR to Confront the Mental Health Crisis with the Largest VR Delivery Platform for Evidence-Based Digital Therapeutics
Uniting under the BehaVR brand, the combined company will deliver comprehensive virtual reality-based treatments for mental and behavioural health
OSE co-leads initial $13 million close of Series B financing into BehaVR
Oxford, UK: December 13, 2022 – Oxford Science Enterprises (OSE), the independent investment company created to found, fund and build transformational businesses via its unique partnership with the University of Oxford, today announces its Health Tech portfolio company OxfordVR, a leader in virtual reality (VR) treatments for serious mental illnesses, is to combine with BehaVR, a leading innovator in VR digital wellness and digital therapeutics experiences.
In conjunction with the combination, OSE is co-leading a new Series B funding round with an initial close of $13 million.
The combination, which will be known as BehaVR, together with the fundraise will accelerate the company’s go-to-market strategy for delivering comprehensive VR-based therapeutic interventions for mental health, part of a digital therapeutics market expected to exceed $13B by 2027.
According to the World Health Organization, roughly one billion people live with a mental health condition globally. At any severity level, mental health conditions like depression and anxiety impact quality of life, relationships, livelihood and sense of belonging.
OxfordVR was spun out of the University of Oxford in 2016 based on the breakthrough research of Professor Daniel Freeman at the Department of Psychology. OSE has backed OxfordVR since inception, providing strategic and operational support and funding that led to the development of its gameChange product, the world’s first cognitive-behavioural VR therapy for severe mental illnesses. gameChange was granted Breakthrough Device designation by the US Food and Drug Administration in June 2022.
Alexis Zervoglos, Senior Partner (Tech) at Oxford Science Enterprises, said: “By combining OxfordVR’s pioneering science with BehaVR’s platform, global access and commercialization capabilities, the new BehaVR can transform how patients with psychiatric and mental health conditions can be treated at scale. We are proud to have supported Daniel Freeman and his team at OxfordVR, and we are delighted to continue supporting BehaVR on this important mission in mental healthcare.”
Deepak Gopalakrishna, CEO of OxfordVR, added: “What an exciting time for digital innovation in mental health. We’re at a critical inflection point in the industry where the onus will be on companies to bring evidence based, clinically validated treatments to patients that providers, payers, and employers can confidently stand behind. This brings together two of the leading organizations pioneering this work and will enable us to accelerate that future.”
View the full press release at BehaVR’s news page.