AbleTo Raises $36.6 Million for Digital Behavioral Health Platform
August 23 2017 - 1:19PM
Dow Jones News
By Heather Mack
New York City-based AbleTo Inc., which makes a digital platform
to connect individuals with licensed therapists and coaches, has
closed $36.6 million in Series D funding led by Bain Capital
Ventures.
The company, which was founded in 2008, works with employers and
health plans to offer support to employees who have medical
conditions that may be associated with -- or exacerbated by --
underlying behavioral health issues. The intention isn't for those
with acute psychiatric illnesses such as bipolar disorder or
schizophrenia, but for those experiencing additional mental stress
because of their medical condition. For example, people with
chronic conditions like diabetes who may experience depression or
anxiety that impedes their ability to manage their condition or
those who are recovering from a major procedure.
While not a medical-grade tool, the AbleTo platform is based on
clinically validated assessments to screen for common behavioral
health conditions, and it uses established cognitive behavioral
therapy techniques. Based on an individual's needs, the web- and
mobile-based platform designs personal self-management programs
that are augmented with weekly virtual coaching sessions.
Chronic condition management is a big field in digital health,
with dozens of so-called coaching and behavioral health tools
available for a range of conditions. Many, like Omada Health, are
geared toward prevention of diseases like diabetes and heart
disease. Others work to address the general shortage of mental
health services through telemedicine or take a broader approach
like Happify or Joyable by offering apps for mental health and
well-being.
AbleTo is a little different than all of those, and it is
garnered a sizable market share, according to the company. It works
with employers and large health plans across the U.S., including
Aetna and leading statewide BlueCross BlueShield plans. Aetna has
been working with the company for six years, and the two have
published outcomes data in the American Journal of Managed Care
showing a 31 percent reduction in hospitalizations over a six-month
period.
"Millions of American adults have both a behavioral and medical
health condition, and those types of co-morbidities are not easy
problems to solve," said AbleTo President and CEO Rob Rebak. "You
need technology and analytics to enable this type of care
coordination, and you need to do it beyond little pilots."
AbleTo has raised $57.4 million in funding to date. Aetna
Ventures, the investment arm of AbleTo's strategic partner, also
contributed to the latest round, along with all existing investors,
including .406 Ventures, BlueCross BlueShield Venture Partners,
Sandbox Industries, HLM Venture Partners and Horizon Healthcare
Services. The company plans to use the funding to build out new
features on the platform and make strategic partnerships.
Bain Capital Ventures Managing Director Yumin Choi led the
investment and will join AbleTo's board. He said the company's
emphasis on clinical validation and outcomes drew his interest.
Given AbleTo's large customer base and growing provider network,
Mr. Choi sees the company as a leader in the effort to integrate
physical and mental health services.
"The idea of mental wellness and stress reduction has been
popular in everyday life, but the medical community is just now
starting to be open to the fact that you need to address mental and
behavioral health as well as the body," said Mr. Choi. "This is
where the market is going."
(END) Dow Jones Newswires
August 23, 2017 13:04 ET (17:04 GMT)
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