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.
... 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 ...
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.”
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
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.
– ENDS –
Notes to Editors
About the Combined Entity, BehaVR
BehaVR is the leader in building evidence-based, immersive, digital therapeutics designed to create a more resilient world, liberated from fear and pain. Its suite of clinically validated therapeutics offer access to treatments on a spectrum across mental wellness and mental and behavioral conditions, including validated treatments for serious mental illness. BehaVR is the first immersive digital therapeutics company to deliver these treatments on an integrated platform that simplifies the patient experience, enables clinician oversight, and generates patient-specific care plans and measurable outcomes. Combining a team of accomplished clinicians and researchers with proven healthcare veterans and technology innovators, BehaVR is dedicated to improving access to better mental health through immersive technology.
About Oxford Science Enterprises
Oxford Science Enterprises (OSE) is an independent, billion-pound investment company, created in 2015 to found, fund and build transformational businesses via our unique partnership with the University of Oxford, the world’s #1 research university.
This partnership enables us to work with the brightest academic minds tackling the world’s toughest challenges and guarantees us unrivalled access to their scientific research. In collaboration with our global network of entrepreneurs and advisors, we go well beyond funding to we shape and nurture these complex ideas into successful businesses.
Actively focused on a core portfolio of around 40 companies spanning three high-growth, high-impact sectors – Life Sciences, Health Tech, Deep Tech – we adopt a flexible, long-term investment approach, recognising the path from ground-breaking research to global markets takes time and resilience.
To date, we have invested £0.5 billion in over 80 ambitious companies built on Oxford science, helping progress 28 from seed to Series A, and 22 to Series B and beyond, including 2 IPOs and 7 trade sales. A key player in Oxford’s entrepreneurial ecosystem, we are highly motivated to foster an environment that catalyses pioneering research and steers it to commercial success. We are committed to doing this in an inclusive and sustainable way.