Oxford VR boxes in $13m series A

Oxford VR, a UK-based digital mental health therapy developer spun out of University of Oxford, yesterday closed a £10m ($13m) series A round featuring the university’s tech transfer office and patient capital fund.
Oxford University Innovation and Oxford Sciences Innovation (OSI) were joined by venture capital firm Optum Ventures, which led the round, and by GT Healthcare Capital Partners, a life sciences-focused private equity vehicle.
Founded in 2016, Oxford VR develops virtual reality (VR) software that helps treat mental health conditions by engaging the patient within an immersive display to help them confront certain issues.
The company’s first therapy treats vertigo and is offered alongside partners including the UK National Health Service. Oxford VR is currently working on similar products for social anxiety and obsessive-compulsive disorder.
The series A cash is expected to boost Oxford VR’s market entry in the US and commercialise additional VR-based therapies. Ash Patel, principal at Optum Ventures, has joined the spinout’s board of directors.
Oxford VR’s founding team includes its chief clinical officer Daniel Freeman, professor of clinical psychology in University of Oxford’s Department of Psychiatry.
In 2018, the spinout obtained $4.3m in a seed round featuring both University of Oxford and OSI, along with GT Healthcare Capital Partners, Force Over Mass and RT Capital. OSI had previously led a round of undisclosed size in 2017.
– Feature image courtesy of University of Oxford