Trinity startup “Silvercloud” raises €8m euro in funding
The online wellness company was set up in 2012 but began as a research project in Trinity
The online wellness company Silvercloud has raised more than €8m in funding, the Irish Examiner has reported.
The company offers a range of online services designed to help people manage mental health and behavioural health issues such as depression, anxiety, eating disorders, and the psychological effects of chronic illness.
Silvercloud began life as a research project in Trinity that looked at the the intersection between technology and psychological treatment. The Dublin-based company was founded in 2012 and hopes to create 65 new jobs after this latest round of investment.
Based around cognitive behaviour therapy, a typical program sees a user complete a 30-40 minute session once a week for a period of 8-10 weeks. For example, users suffering from anxiety work through a series of modules and make use of tools such as an “anxiety monitor chart”, designed to help them better understand and challenge their anxious thoughts. A trained psychologist reviews the user’s progress.
One programme offered by Silvercloud, “Space from Depression”, was the subject of a clinical trial published in 2015. 180 people participated in a randomized controlled trial in 2014. Over half the test subjects were either in remission or had recovered from their symptoms, after completion of the seven modules composing the programme, and these improvements were maintained three and six months after the intervention.
Silvercloud generates the bulk of its sales (98%) outside of Ireland. In the UK, the company’s largest single market, Silvercloud services are used by universities, the Ministry of Defence, and one third of NHS Trusts. The US, Germany, Austria and Switzerland are also large markets for the firm.