Talkiatry, a tech-enabled mental health startup, has raised $37 million in new financing, according to a news release Thursday.
Left Lane Capital helped close the Series A funding round with $17 million in investment, following up on a $20 million cash infusion last summer. Talkiatry plans to use the money to grow its mental health services business nationwide, which has expanded quickly since the company launched in 2020.
The company also announced the addition of Samson Walla as vice president of operations. The former Uber executive will focus on growing Talkiatry's existing business and developing new business lines.
"As Talkiatry experiences hyper growth and rapid national expansion, maintaining high quality standards is our biggest priority," Dr. Georgia Gaveras, chief medical officer and co-founder of Talkiatry, said in a news release. "Samson's exceptional track record in a high growth and complex industry is a great complement to our team's deep healthcare experience and timed perfectly with this next phase of our evolution."
Talkiatry employs all its clinicians directly, unlike other behavioral health startups, including more than 140 board-certified psychiatrists. The company provides in-network psychiatry care via telemedicine or in-person visits for major insurers, including Aetna, BlueCross BlueShield, Cigna and UnitedHealthcare. Talkiatry uses proprietary algorithms to assess new patients and match them with providers to book an appointment through its mobile app. The company also tracks patient progress using regular check-ins via its app.
Telehealth companies raised $9.5 billion in venture capital funding last year, according to data from Digital Health Business and Technology. That's nearly a third of the $30.6 billion in VC funding raised by digital health companies in 2021.