A new $34 million investment round co-led by Cigna Ventures and 7wireVentures will accelerate the expansion of NOCD’s OCD-specialty therapist network and community-driven therapy model, deepening the Company’s position as the market leader in OCD therapy.
CHICAGO–(BUSINESS WIRE)–NOCD, the world’s leading provider of obsessive compulsive-disorder (OCD) treatment for children and adults, today announced the expansion of evidence-based treatment services for obsessive compulsive disorder (OCD), one of the most prevalent and treatable serious mental illnesses (SMIs). This acceleration is possible as a result of a $34 million financing round, co-led by Cigna Ventures and 7wireVentures, with participation from new investor Longitude Capital as well as other existing investors Kaiser Permanente Ventures, F-Prime Capital, Eight Roads Capital, and Health Enterprise Partners.
“We couldn’t be more excited about our relationship with Cigna,” said Stephen Smith, Co-Founder and Chief Executive Officer of NOCD. “We remain focused on delivering best-in-class clinical outcomes and a frictionless member experience, we know that there’s a clear opportunity to scale our impact exponentially.”
Since the business was launched in 2018, NOCD has expanded to provide care in all 50 states and internationally, delivers more than 250,000 therapy sessions each year, and drives on average a 35% reduction in OCD symptom severity. NOCD’s consistent success demonstrates the scalability and efficacy of Community-Driven Therapy, a model that better identifies, engages and manages people with OCD.
Last year, NOCD further codified the efficacy of the Company’s proprietary care model by announcing the largest OCD treatment study ever conducted. The 18-month retrospective analysis of over 3,500 NOCD Therapy members demonstrates the effective and efficient nature of NOCD’s virtual-first Exposure and Response Prevention (ERP) Therapy service. Through the care delivery model, members receive face-to-face video sessions with a NOCD Therapist as well as in-between session support through self-help tools and personalized peer communities.
To continue to build upon the Company’s strong foundation, NOCD will use these new funds to expand their OCD-specialty therapist network, further redefine public perception of OCD alongside #KnowOCD partner Howie Mandel, and enhance NOCD’s leading analytics and outcomes capabilities with payers seeking to provide their OCD population with more robust offerings.
“Cigna Ventures is focused on working with companies who are bringing forward innovative solutions that can more effectively and efficiently solve some of health care’s biggest challenges,” said Craig Cimini, Head of Cigna Ventures. “NOCD plays a critical role in the behavioral health ecosystem with a proven ability to identify patients in need and seamlessly connect them to evidence-based therapy and tailored resources.”
A similar belief is shared by 7wireVentures. “The status quo in mental health care has been failing patients for too long,” remarked Alyssa Jaffee, Partner at 7wireVentures. “As the market leader in driving more convenient, affordable, and effective treatment for OCD and related conditions, NOCD is a prime example of the kind of innovation needed to solve some of the most complex issues in health care.”
Fewer than five years ago, ERP therapy wasn’t covered by most health plans, specialists that offered ERP were solely located in major cities with wait times for treatment with an OCD specialist could take as long as two years on average. With more than 130 million commercial lives under coverage, 300+ OCD-specialized therapists delivering care in all 50 states and internationally, and the expertise to serve members across age groups, NOCD has established the operational infrastructure needed to end the global OCD crisis.
“The OCD population is significantly more prevalent and severe than public perception or data suggests,” said Dr. Doug Nemecek, Chief Medical Officer, Behavioral Health, Evernorth. “NOCD helps us create more access to treatment and support that is critically needed, and these personalized resources help us best meet the specific needs of individuals, not only improving health outcomes but also ensuring customers feel supported throughout the experience. ”
About NOCD:
NOCD (https://www.nocd.com) is the #1 provider for the treatment of obsessive-compulsive disorder (OCD) and the leading company driving Community-Driven Therapy, a new frontier in behavioral healthcare that leverages condition-specific peer communities to identify consumers in need of help, encourage them to begin treatment, and serve them in a highly personalized way. The company helps people reclaim their lives with clinically proven OCD treatment by removing barriers to care and reducing the stigma associated with OCD. Inside the NOCD platform, members can quickly access a national network of licensed therapists who specialize in Exposure and Response Prevention (ERP) therapy, the “gold standard” for OCD treatment.