Octave, a behavioral health care company focused on outcomes-based therapy services, has announced the successful completion of its Series C funding round, raising $52 million. The funding round was led by Cigna Ventures, Novo Holdings, and Avidity Partners, with participation from existing investors including Health Velocity Capital, Greycroft Partners, Felicis Ventures, Company Ventures, and Obvious Ventures.
Since its launch in 2018, Octave has experienced rapid growth and currently serves 18 million individuals across seven states in the United States, including California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, D.C. The company’s innovative value-based care model has allowed it to establish unique partnerships with major national payers.
The new funding will fuel Octave’s expansion plans, enabling the company to enter additional regions later this year and eventually expand its services to cover all 50 states by 2024. Additionally, the funding will support the development and release of new technology products aimed at serving Octave’s payer and provider partners. With this latest funding round, Octave has raised a total of $86 million.
Sandeep Acharya, Co-Founder and CEO of Octave, emphasized the company’s commitment to not only making mental health care accessible but also ensuring its effectiveness for patients and sustainability for mental health providers. Acharya expressed the company’s ambition to influence the entire mental health care system, including payment models, care discovery, and supportive tools.
Acharya expressed gratitude to the new investors, highlighting their extensive experience in scaling healthcare companies in both private and public markets. He expressed excitement about partnering with them to drive the transformation of mental health care.