Telepsychiatry provider Talkiatry picked up $210 million in fresh funding to expand its offerings and build out its technology.
Perceptive Advisors led the round, which the company said was oversubscribed. Brussels-based investor Sofina also participated along with prior lead investors Andreessen Horowitz (a16z), blisce/ and Left Lane Capital, alongside a debt facility from Banc of California. The company has raised $400 million to date.
Talkiatry is not disclosing its valuation. Between 2021 and 2024, the company's revenue grew 1,745%, executives said.
The company claims to be the largest private employer of psychiatrists and directly employs more than 800 full-time psychiatrists. Talkiatry is now in network with more than 100 insurers nationwide covering more than 170 million lives. The company has delivered 3 million patient visits to date.
Talkiatry, which launched in 2020 and was named to Fierce Healthcare’s Fierce 15 in 2024, was co-founded by Robert Krayn and Georgia Gaveras.
The New York City-based company's model partners with payer and provider networks as well as employers.
It launched its Mindshare Partner Program in late 2023, and the company now works with more than a third of the country's top 20 health systems and more than 50 total systems to deliver in-network psychiatric care across their populations. The Mindshare Partner service allows healthcare providers to refer patients to the provider while working with their own electronic medical record systems and referral workflows.
Talkiatry plans to use the fresh funding to build out its technology and expand its services across the acuity spectrum.
Currently, Talkiatry provides psychiatry services for a range of mental health conditions including anxiety, depression, attention-deficit/hyperactivity disorder, bipolar disorder, mood disorder and post-traumatic stress disorder, among others.
The company is looking to expand across the full acuity spectrum, building some capabilities in-house and partnering with specialized providers for others, according to a Talkiatry spokesperson. Talkiatry has extended its offerings to lower-acuity services like couples therapy. In the future, it may offer higher-acuity services like intensive outpatient support.
The company is focused on tighter clinical integration and better care coordination as it grows, according to executives.
“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, who serves as CEO, said in a statement. “Health systems, payers, and employers continue to choose Talkiatry as their psychiatry partner of record to deliver consistent, superior outcomes across their patient populations. This funding supports expansion into more complex care and deeper partnerships as institutional demand grows.”
Talkiatry built an artificial-intelligence-powered technology platform for its clinical operations to drive efficiency and outcomes. The tech manages care delivery, streamlines clinical operations and engages members, according to the company. The tech platform combined with a rigorous physician-led model allows the company to maintain the highest level of quality and consistency as it continues to scale and expand across the acuity spectrum, executives assert.
Talkiatry touts its strong clinical outcomes with 87% of anxiety patients and 86% of depression patients reporting symptom improvement after just two visits, with 67% and 62%, respectively, reporting no longer having clinically significant symptoms. The company says its early dropout rates are 60% lower than industry benchmarks.
These strong outcomes lead to cost savings for its partners, the company says, as its care model supports stronger continuity of care and dramatically reduces the likelihood of escalation into higher-cost settings. Cost of care reductions reach up to $700 per member per month, the company said.
"Talkiatry has built a national full-stack provider group that sits on a proprietary AI-powered technology platform giving it greater control over the quality and care being delivered at scale,” said Michael Altman, head of strategy at Perceptive Advisors, in a statement. “The company’s consistent results across outcomes, engagement, and patient experience position it as defining the next era of psychiatric care in the United States. Our investment supports that long-term vision.”