Octave, a San Francisco-based company that specializes in outcomes-focused behavioral health care, has raised $52 million in Series C funding. The round was led by Cigna Ventures, Novo Holdings, and Avidity Partners, and included participation from existing investors Health Velocity Capital, Greycroft Partners, Felicis Ventures, Company Ventures, and Obvious Ventures.

With this latest funding, Octave plans to accelerate its national expansion, release new technology products to serve payer and provider partners, and continue to develop its evidence-based, in-network therapy services.

“We are thrilled to partner with Cigna Ventures, Novo Holdings, and Avidity Partners to accelerate our mission of making high-quality behavioral health care more accessible and affordable,” said Sandeep Acharya, CEO and co-founder of Octave. “This funding will allow us to expand our services to more patients, develop new technology solutions, and build deeper relationships with payers and providers.”

Octave is a modern behavioral health practice that operates with in-person and virtual clinics. The company offers personalized care plans that can include individual, couples, and family therapy, while pioneering relationships with payers to make care more affordable through insurance.

Launched in 2018, Octave now serves seven states: California, Connecticut, Florida, New Jersey, New York, Texas, and Washington, D.C., and aims to expand to more regions later this year and all 50 states in 2024.

“Octave is a leader in the behavioral health space, and we are excited to partner with them to help them scale their business and reach more patients,” said David Hirsch, Managing Director at Cigna Ventures. “We believe that Octave’s model of providing high-quality, in-network behavioral health care is a game-changer, and we are committed to helping them make it even more accessible and affordable.”

The demand for behavioral health care is growing rapidly. According to the National Alliance on Mental Illness, one in five adults in the United States experiences mental illness each year. However, access to quality care can be difficult, especially for people who live in rural areas or have limited financial resources.

Octave is addressing this challenge by providing high-quality, in-network behavioral health care that is accessible and affordable. The company’s model includes a number of innovative features, such as:

• Personalized care plans that are tailored to each patient’s individual needs
• Virtual clinics that allow patients to receive care from anywhere
• Relationships with payers to make care more affordable through insurance

Octave’s Series C funding will help the company expand its services to more patients, develop new technology solutions, and build deeper relationships with payers and providers. This will help Octave make high-quality behavioral health care more accessible and affordable for everyone.

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