Videra Health, an artificial intelligence (AI)-driven mental health related assessment platform, has secured an investment of $5.6m in its Seed II funding round.
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The investment round was led by US-based venture capital Peterson Ventures.
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Other investors who participated in this round include Epic Ventures, Mercato Partners and Philo Ventures.
Videra Health will leverage this investment, along with the continued support from its investors, to expand the availability and reach of its AI solution.
This is further expected to support at-scale transformation of mental health care screening and monitoring services with the help of AI video technology.
With these efforts, the company eventually aims to close the gap in the mental health care sector, while making enhanced care and treatment accessible for all.
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By GlobalDataVidera Health’s solution is based on the algorithms of AI and machine learning (ML) technologies to analyse video data to detect subtle behavioural changes indicative of mental health conditions.
With the ability to screen for issues such as postpartum depression, anxiety and suicide risk, Videra Health’s technology offers a proactive approach to mental health care.
The platform’s real-time patient progress tracking aids healthcare providers in delivering personalised treatment plans, potentially easing the strain on mental healthcare providers and systems.
Videra Health CEO and co-founder Loren Larsen said: “At Videra Health, we are driven by our mission to improve the mental health of individuals worldwide.
“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.”
According to Videra Health, the significance of this funding round is underscored by the growing demand for mental health solutions, as estimates suggest that up to half of the global population will experience a mental health disorder by the age of 75.
With an average delay of 11 years before symptoms are addressed and over 50% of affected individuals not receiving treatment, the cost of untreated mental illness in the US alone reaches an annual $282bn, the company noted.
Videra Health said that its AI technology addresses this challenge by providing accessible and efficient mental health screening and monitoring services.
