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.

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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