Octave, a hybrid value-based behavioural healthcare provider, recently announced that it successfully secured $52 million in Series C funding, bringing its total raised capital to $86 million.
Leading the funding round were Cigna Ventures, Novo Holdings, and Avidity Partners. Existing investors Greycroft Partners, Health Velocity Capital, Obvious Ventures, Company Ventures, and Felicis Ventures also participated in the round.
Octave specialises in offering both in-person and virtual behavioural healthcare, providing personalised care plans for couples, individuals, and families. The company is recognized as an in-network provider for employer-sponsored insurance plans across multiple payers. Its physical facilities can be found in California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, D.C.
With the newly acquired funds, Octave plans to expand its presence on a national scale this year and aims to establish a footprint in all 50 states by 2024. Additionally, the company intends to develop and launch new technology-focused products designed for providers and payers in the behavioural healthcare field.
Sandeep Acharya, Octave's co-founder and CEO, emphasised the company's mission to not only ensure the accessibility of mental health services but also their effectiveness for patients and sustainability for mental health providers. He stated, "With this raise, we're aiming to move beyond directly facilitating care to trying to influence how the whole system functions – how care is paid for, how it is found, and the tools we use to support it." Octave, headquartered in San Francisco, is determined to drive positive changes across the mental healthcare landscape.
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