Videra Health Raises 5.6M in Seed II Funding Led by Peterson Ventures
May 21, 2023, Orem, Utah
Videra Health, an AI-driven mental health assessment platform based in Orem, Utah, announced today it has raised $5.6M in Seed II funding, led by Salt Lake City-based Peterson Ventures. Mercato Partners, Epic Ventures and Philo Ventures— also headquartered in the Salt Lake City area—participated in the investment as well. With the continued support of its investors, this new round of funding is expected to help Videra Health expand its reach to help more patients and transform the way mental health conditions are screened and monitored at scale using AI video technology. The company’s ultimate goal is to close the gap in mental health care and make quality treatment accessible to everyone.
Previously, the company raised a $3 million investment in November, 2021— a Seed round was led by previous Peterson Ventures. Rose Park Advisors (based in Boston and co-founded by the late Clayton Christensen) and OATV (San Francisco) participated in the company's 2021 investment, as covered by TechBuzz.
Videra Health’s cutting-edge technology uses artificial intelligence and machine learning algorithms to analyze video data and detect subtle changes in facial expressions, body movements and speech patterns that could indicate the presence of mental health conditions. The company’s solutions have the ability to screen and monitor conditions such as anxiety and postpartum depression and can proactively identify individuals at a higher risk of suicide—ultimately saving lives. Videra Health’s platform allows healthcare providers to track the progress of their patients in real-time, which helps them provide a more personalized and effective treatment plan. This not only benefits the patient but also helps to reduce the burden on mental healthcare systems and providers.
“At Videra Health, we are driven by our mission to improve the mental health of individuals worldwide,” said the company’s CEO and Co-founder, Loren Larsen.” Our AI video technology has the potential to change the landscape of mental health screening and monitoring, making it more accessible, accurate, and timely than ever before.”
This announcement comes at a crucial moment. With half of the world’s population likely to experience a mental health disorder by age 75, according to a 2023 University of Queensland study, there is a pressing need for effective and timely treatment. Data from the National Alliance of Mental Illness (NAMI) assert, that on average, 11 years pass before symptoms are addressed. Further, over 50% of people do not receive treatment. This results in an annual cost of $282 billion for untreated mental illness in the U.S. according to research from Yale University's economics professor, Aleh Tsyvinski, PhD.
Videra Health approach to these issues by using AI technology to provide widespread and streamlined mental health screening and monitoring.
“We invested in Videra Health because we believe Videra’s team and technology are suited to address the increasingly large gap in mental healthcare that exists between in-person visits,“ said Ben Capell, Managing Director at Peterson Ventures. “Loren Larsen’s prior experience building HireVue gives him unique insight into building an AI-powered, video-based RPM tool for mental health providers. We’re excited to back him at Videra Health once again.”
“Investing in Videra Health underscores our commitment to funding transformative technologies that better the way we live, learn, and work,” said Josh Christensen, an AI and growth equity Principal investor at Mercato Partners. “Videra Health’s innovative application of AI in the clinical assessment process represents an important paradigm shift within the healthcare industry that we are incredibly proud to support.”
“At Philo, we are always on the lookout for companies that have the potential to make a real difference in people’s lives through our Venture Fund and Studio,” says Scott Evanson, Venture Partner at Philo Ventures. “Videra Health’s innovative use of AI video technology is precisely the kind of solution we believe has the power to improve mental health care on a global scale.”
Videra Health continues to make major strides in the world of mental health care. Their innovative use of AI video technology is positioned to have a significant and positive impact on individuals, families, and communities.
Videra Health, based in Orem, Utah, is an AI-driven mental health assessment platform empowering providers and healthcare organizations to proactively identify, triage, and monitor at-risk patients to close care gaps using linguistic, audio and video analysis. The FDA-registered digital platform transforms how doctors and healthcare systems interact and track a patient’s journey, illuminating the hidden depths of patient behavior and outcomes. Videra Health connects providers and patients anytime, anywhere, between visits and post-discharge via written and video assessments that translate into actionable quantitative and qualitative patient data. The platform streamlines diagnoses, enhances care accessibility, optimizes workflows and drives down costs for providers and healthcare systems.