When it comes to virtual reality (VR) applications some of the most interesting work is being conducted in the healthcare field. Oxford VR is a company developing immersive therapy for a range of conditions and to help in this process has recently announced the completion of a new investment round totalling $12.5 million USD.
The Series A funding round was led by Optum Ventures and supported by Luminous Ventures with existing investors such as Oxford Sciences Innovation, Oxford University Innovation and GT Healthcare Capital Partners also participating. Oxford VR will use the funds to accelerate US expansion of its scalable automated VR therapy solutions for behavioural health issues. Additionally, Oxford VR will continue expanding work into conditions such as anxiety, depression and post-traumatic stress disorder.
“We are tremendously excited to close this investment round and to be working with Optum Ventures to drive our next level of growth. We would not be at this exciting tipping point without the collective efforts of the team at OVR, in particular Katie Bedborough, our CFO & COO,” said Oxford VR CEO Barnaby Perks in a statement. “Together with Optum Ventures and Luminous Ventures, and with the continued support from our existing investors, we can expand our clinical leadership footprint and accelerate our pipeline of automated VR therapy treatments.”
Figures from Mental Health America 2020 indicate over 26 million Americans with a behavioural health issue go untreated, so solutions like Oxford VR’s could have a significant impact. The company has already conducted its first clinical trial for fear of heights, which was published in The Lancet Psychiatry, is working with the NHS-funded gameChange project in the UK and partnered with AXA Hong Kong and The Chinese University of Hong Kong (CUHK) on several clinically-validated trials.
“Oxford VR has taken a technology-led approach to create evidence-based solutions that will make treatment more accessible to patients who need it,” said Ash Patel, Principal at Optum Ventures, who is joining the Oxford VR Board of Directors. “We believe Oxford VR’s solutions will benefit those who need access to high quality, effective cognitive behavioural therapy.”
As Oxford VR continues to expand its behavioural health solutions as well as the industry as a whole, VRFocus will keep you updated.
The trio plan to create a clinically-validated trial in Hong Kong using VR to address common mental health issues, such as social avoidance, anxiety and depression. A variety of specially-designed scenarios will be developed for this pilot programme; offered in both English and Cantonese.
“We are delighted to announce this partnership with AXA Hong Kong and CUHK as it marks an exciting breakthrough for mental wellbeing in