The investment arm of health insurance company Cigna co-led a $52 million series C funding round for Octave, a behavioral health company offering both in-person and virtual care.
The company plans to use the funding to expand into more states by the end of the year, with the goal of having a presence in all 50 states by 2024. The investment round brings the company's total raised to $86 million, according to a June 15 Octave news release.
"The demand for mental health services is higher than ever, but our mission is not just to ensure that care is accessible but actually effective for the patient and sustainable for the mental health provider. With this raise, we're aiming to move beyond directly facilitating care, to trying to influence how the whole system functions — how care is paid for, how it is found, and the tools we use to support it," said Sandeep Acharya, co-founder and CEO of Octave.