Talkiatry snags $210M to expand telepsychiatry care

Telepsychiatry provider Talkiatry has raised $210 million in series D financing, bringing the total amount it has raised since its inception in 2020 to over $400 million.

The company employs more than 800 full-time psychiatrists and has delivered 3 million virtual visits to date. Through its Mindshare Partner Program, launched in 2023, Talkiatry has partnered with over 50 health systems to deliver in-network telepsychiatric care.

Talkiatry offers care for a wide range of mental and behavioral health conditions, including anxiety, depression, bipolar disorder and obsessive-compulsive disorder. The company's technology platform matches patients to psychiatrists after an initial online assessment. The patients then connect with psychiatrists via telehealth and receive a treatment plan, which may include a virtual prescription.

According to the company's co-founder and CEO, Robert Krayn, the company will use the funds to expand into "more complex care" and "deeper partnerships."

"Talkiatry is setting the standard for how psychiatry is delivered and measured, with a proven national operating model centered on employed psychiatrists built upon a proprietary technology platform," Krayn said in the press release. "Health systems, payers, and employers continue to choose Talkiatry as their psychiatry partner of record to deliver consistent, superior outcomes across their patient populations."

The oversubscribed round was led by Perceptive Advisors, with participation from Sofina and Andreessen Horowitz, as well as a debt facility from Banc of California. Talkiatry last raised $130 million in a series C financing round in 2024.

The massive funding round shows that interest in telemental healthcare is alive and well. Even as overall telehealth visits declined after the peak of the COVID-19 public health emergency, telemental health visits soared, growing to 72.3% in the fourth quarter of 2023.

Virtual mental and behavioral healthcare companies also experienced a regulatory win earlier this year when the U.S. DEA and HHS extended the telehealth prescribing flexibility for controlled substances through Dec. 31, 2026.

The flexibility allows healthcare practitioners to virtually prescribe Schedule II-V controlled medications via audio and video telehealth without having previously conducted an in-person medical evaluation. These medications include Adderall, Ritalin and Vicodin.

However, telehealth prescribers have also faced federal crackdowns on instances of fraud and abuse in recent years.

Anuja Vaidya has covered the healthcare industry since 2012. She currently covers the virtual healthcare landscape, including telehealth, remote patient monitoring and digital therapeutics.