The company expects eventually to have between seven and 10 offices in the two cities and is eyeing other regions for growth, Acharya said.įounded in 2018, Octave matches patients with therapists and coaches by relying on data and clinical judgments that weigh factors such as a patient’s values, personality and mental health status. It already has an office in New York City, with plans to add a second there by December. To serve new patients, Octave is opening a therapy office in San Francisco on Oct. The funding is covering the cost of new offices and of expanding Octave’s technological, clinical and operational systems to work with insurers. In addition to the new investment, the company said it has struck its first deal with an insurer: Octave has become an in-network provider for Anthem Blue Cross of California, which covers more than a million people in the Bay area. Felicis is among the company’s early investors having joined the $3 million seed round with angel investors.
The $11 million Series A investment was led by venture capital firm Greycroft, with participation from Obvious Ventures and Felicis Ventures.
“When you’re living in a society with less interaction, these things like classes and personal interaction are of greater value,” he said. And it also is looking to offer ways for its patients to meet in real life, such as in mindfulness workshops, said Acharya, the former head of strategy at One Medical, one of the largest independent primary care practices in the U.S.Īcharya believes the appeal of real-world approaches will grow as everyday life moves more and more online. “Payers are increasingly recognizing that they need to expand their behavioral health networks and their access to those networks,” said Sandeep Acharya, founder and CEO of Octave, which is based in San Francisco.Ī 2017 study by consulting firm Milliman found that outpatient behavioral office visits were roughly five times more likely than medical/surgical primary care office visits to be provided on an out-of-network basis between 20.īut while other companies focus largely on care delivered via app or phone, Octave is blending virtual sessions with conventional, face-to-face therapy.
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