Oxford VR, a UK-based company recently reported the conclusion of its €11.9 million Series A funding round, spearheaded by Optum Ventures with the support of Luminous Ventures. The investors who contributed to the funding include Oxford University Innovation, Oxford Sciences Innovation, and GT Healthcare Capital Partners.
The funding received by Oxford VR is set to be used for speeding up the expansion plans for its virtual reality (VR) therapy solution across the US, and for the expansion of its treatment program.
Oxford VR, established in 2017, is an extension of the Oxford University’s Department of Psychiatry, and among the top European virtual reality startups today. It is also an important company in the UK startup scene. The company, which has been built on decades of research conducted by Professor Daniel Freeman, utilises virtual reality technology for creating effective computerised psychological treatments to transform their therapy experiences.
The first Oxford VR clinical trial was based on the fear of heights and showcased how automated VR therapy can lead to major benefits, aside from assisting overburdened mental health provider institutions to diversify treatment methods and institutionalise clinical excellence. As mental health disorders are on the rise across most countries globally, and the high costs of care coupled with low engagement rates, VR therapy could become the most vital way of focusing on these challenges.
Barnaby Perks, the CEO of Oxford VR, expressed excitement on behalf of his organisation upon closing the investment round and being able to work with Optum Ventures to chart the path for extensive growth. He acknowledged the collective contributions of the OVR team and showered praise on CFO & COO Katie Bedborough. Perks also highlighted how important the partnerships with Luminous Ventures and Optum Ventures were, along with the investments provided by current investors. He emphasised how all these factors have enabled the startup to diversify its clinical leadership and speed up its automated VR therapy treatment plans.
Isabel Fox, Principal and C0-Managing Partner of Luminous Ventures remarked that Oxford VR has adopted exemplary science from Oxford University and utilised state-of-the-art immersive technology to form a revolutionary VR-based mental health solution, to simplify solutions for overburdened mental health programs, on a global scale. Fox pointed out how immersive therapy being easily available, potent and engaging, and a proven approach that yields remarkable outcomes. She expressed that her company is excited to build an association with Oxford VR.
Ash Patel, the Principal of Optum Ventures, is joining Oxford VR as a member of its Board of Directors. Patel remarked that Oxford VR has adopted a technology-focused approach for developing solutions rooted in evidence, to make treatment increasingly accessible to patients in need. He remarked that the company’s VR solutions can aid people who require potent and high-quality cognitive behavioural therapy.
Oxford VR has created a strategic alliance with the National Mental Health Innovation Centre (NMHIC), and its different pilots are being used to target mental health enhancement outcomes in the US.
