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About Octave Health
Industries
Healthcare
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$121.8M
Headquarters
San Francisco, California
Founded
2018
Overview
Octave Health provides therapy services for individuals, couples, and families seeking mental health support. Their approach focuses on personalized, evidence-based therapy tailored to each client's unique needs. Clients are matched with therapists who not only have expertise but also align well with their personalities, fostering a strong human connection. This method has shown effectiveness, with reports of a 37% reduction in depression symptoms over a 12-week period. Octave generates revenue by billing therapy services directly to clients' insurance providers, making their services more accessible and affordable for those in need of in-network mental health support. The goal of Octave is to enhance mental well-being through quality therapy that connects clients with the right professionals.
Simplify's Take
What believers are saying
- Expansion into 10 new states increases market reach and client base.
- $52 million Series C funding supports further expansion and technological innovation.
- Board additions bring valuable experience and strategic guidance from healthcare leaders.
What critics are saying
- Rapid expansion may strain resources and affect care quality.
- Reliance on insurance billing poses risks if policies or rates change.
- Increased competition from Evernorth's Behavioral Health Group could impact market share.
What makes Octave Health unique
- Octave offers personalized, evidence-based therapy tailored to individual client needs.
- The company reports a 37% reduction in depression symptoms over 12 weeks.
- Octave is in-network with several insurance companies, enhancing accessibility and affordability.
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Funding
Total Funding
$121.8M
Above
Industry Average
Funded Over
5 Rounds
Benefits
Remote Work Options
Flexible Work Hours
Mental Health Support
Growth & Insights and Company News
6 month growth
↑ 2%1 year growth
↑ 2%2 year growth
↑ 6%The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.The reader should not assume that the information is accurate and complete.
SAN FRANCISCO, May 30, 2024 /PRNewswire/ -- Octave , an innovator in outcomes-focused behavioral health care, has launched its services in 10 new states, part of an expansion plan that aims to bring high-quality, in-network therapy to more people nationwide.The new states are: Arizona, Georgia, Maryland, Massachusetts, North Carolina, Oregon, Pennsylvania, Tennessee, Virginia, and Washington.Octave has launched its services in 10 new states to bring high-quality, in-network therapy to more people. Post thisWith the additional locations, Octave now serves a total of 17 states. The expansion states were selected based on the need for in-network therapists — seven of the 10 new states rank among the lowest in the nation for access to mental health care due to high cost and lack of availability."The key to reducing the critical need for mental health services in the U.S. isn't just about making care more available, but also making sure it's effective. We're seeing too many people dropping out of the system before they see improvement; and on the other side, we're seeing too many people churning within the system and not actually getting better," said Sandeep Acharya, Founder and CEO of Octave."Our model of carefully vetting therapists and delivering consistently high-quality care that's proven to work is what sets Octave apart. We're looking forward to expanding our care model to these new states, and very soon, nationwide," he said.Proven Clinical OutcomesA pioneer of value-based care in mental health, Octave's innovative care model has led to first-of-its-kind partnerships with major national payers
In June, Octave closed a $52 million Series C funding round led by Cigna Ventures.
Virtual care provider Octave Health has raised $5 million out of a $10 million funding round, according to SEC documents.
New Board Members Amir Dan Rubin and Andrew Dreyfus Bring Critical Insights to Improving In-Network Mental Health CareSAN FRANCISCO, Feb. 8, 2024 /PRNewswire/ -- Octave, an innovator in outcomes-focused behavioral health care, today announced that it has named two seasoned healthcare leaders to its Board of Directors. Amir Dan Rubin, former CEO of One Medical | Amazon, and Andrew Dreyfus, former President and CEO of Blue Cross Blue Shield of Massachusetts, join the Board to help Octave spearhead transformative change in how mental health care is valued and delivered.The Board appointments and recent leadership additions follow last year's Series C fundraising round, fueling the company's plans for geographical expansion and technological innovation to Improve the effectiveness of in-network care. The new members bring deep experience in the healthcare industry and will provide strategic guidance to position Octave as the leading in-network partner for mental health care."At Octave, we believe that the next chapter of our evolution as a mental health system is going to be moving from increasing access to increasing the effectiveness of care. This kind of change takes collaborative partnerships between innovators and the established institutions that define our healthcare system," said Sandeep Acharya, Octave's Founder and CEO. "Amir and Andrew are both deeply experienced healthcare leaders who are passionate about bringing change to the system--and we look forward to having their guidance through our next chapter."Amir Dan Rubin is the CEO and Founding Managing Partner of Healthier Capital, a venture capital firm advancing healthcare impact and value creation
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About Octave Health
Industries
Healthcare
Company Size
501-1,000
Company Stage
Late Stage VC
Total Funding
$121.8M
Headquarters
San Francisco, California
Founded
2018
Octave Health is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today