CVS Health will put $25 million into Array Behavioral Healthcare, a virtual psychiatry and therapy provider.
Here are three things to know about the investment, according to a Jan. 9 news release from the telehealth provider:
- CVS Health led the funding round, with other contributions from companies including Wells Fargo Strategic Capital, Health Velocity Capital and Harbour Point Capital.
- CVS Health plans to use the funds to improve behavioral healthcare access in Aetna's coverage network.
- David Fairchild, MD, senior vice president and CMO of CVS Health's retail department, will join Array's board of directors, where he will work alongside company co-founders James Varrell, MD, the company's executive CMO, and CEO Geoffrey Boyce.