Oxford VR secures record £10 million investment
Oxford VR, a virtual reality University of Oxford spin-out, have secured £10 million investment to advance its real-world impact in mental health and accelerate clinical leadership in the United States (US). The company have been developing evidence-based automated psychological treatments using immersive virtual reality, treating patients with a variety of mental health conditions by creating virtual scenarios in which psychological difficulties occur.
Oxford VR received funding and support from Oxford University Innovation and Oxford Sciences Innovation, raising seed funding in 2017 with a further funding round in August 2018. The latest round was led by Optum Ventures, supported by Luminous Ventures – also participating were existing investors; Oxford Sciences Innovation, Oxford University Innovation and GT Healthcare Capital Partners.
This investment will enable the business to accelerate their US expansion as well as expanding treatment pipeline. They currently have two main projects underway, one for acrophobia (fear of heights) which is now available through NHS clinicians in Oxfordshire, Bristol (Oasis Talking Therapies), Cambridgeshire and Peterborough.
The other £4 million project is called GameChange, which is being run in partnership with the University of Oxford and the UK National Institute of Health Research. It is a multi-site trail of the VR programme to help those with psychosis overcome the day-to-day anxieties such as doing the shopping, speaking to other people or getting on a bus.
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