CVS backs virtual therapy company with $25M investment

CVS Health led a $25 million financing round for virtual therapy and psychiatry company Array Behavioral Care.

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Array Behavioral Care partners with hospitals and health systems to offer virtual mental healthcare to their patients. The company has 90 million patients who can access its services, according to a Jan. 9 Array news release.

CVS Health joins previous investors, including Wells Fargo Strategic Capital, OCA Ventures and Peoria, Ill.-based OSF Healthcare.

“Array’s long history in virtual behavioral care and its devotion to quality stand out,” CVS Health Ventures Managing Partner and co-founder Vijay Patel said. “Our collaboration and investment can help enhance access to these services, which is particularly important with demand for mental health services increasing significantly in recent years.”

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