AbleTo Raises $36.6 Million in Series D Funding, Led by Bain Capital Ventures

Journal of Engineering

By a News Reporter-Staff News Editor at Journal of Engineering -- AbleTo, Inc., the leading provider of technology-enabled behavioral health solutions proven to improve patient outcomes and lower healthcare costs, announced it has closed $36.6 million in financing, led by Bain Capital Ventures and also includes strategic investor Aetna (NYSE: AET). All of AbleTo's existing investors, including .406 Ventures, Sandbox Industries, HLM Venture Partners, and Horizon Healthcare Services, Inc. also participated in the round.

AbleTo will use the investment to accelerate scale and expansion of business operations, enabling the company to strive for its ultimate goal of successfully treating millions of people with behavioral health conditions. Today, a number of the largest national health plans, leading statewide Blues plans, and large employers use AbleTo's platform to connect patients with AbleTo's nationwide network of behavioral health providers. These providers treat the underlying behavioral health issues associated with medical conditions and life events using AbleTo's evidence-based, structured treatment protocols, thus improving medical outcomes and decreasing the overall cost of care. Presently in the United States, over 34 million adults (17% of the adult population) have both a behavioral health and a medical condition1, and this combination is estimated to drive $300 billion in avoidable health care costs and lost productivity per year2.

"As AbleTo continues to expand by investing in our technology platform, clinical programs, and people, we are changing the face of behavioral health and increasing the impact we're having on those with behavioral health needs," said Rob Rebak, President and CEO, AbleTo. "We are thrilled to add investors like Bain Capital Ventures and Aetna who have a demonstrated commitment to thinking holistically and supporting innovation to address the mental health crisis in this country."

Bain Capital Ventures Leads Investment

Bain Capital Ventures is a leading investor in high-growth, technology-enabled companies that disrupt large marketplaces. The firm's portfolio has included market leaders such as Jet.com, LinkedIn, and MinuteClinic. As part of this investment, Yumin Choi, Managing Director, Bain Capital Ventures, will join AbleTo's board.

"As behavioral health management becomes a growing societal concern, we are proud to back a company that is driving significantly improved medical outcomes and lowering costs for patients on a large scale," said Choi. "By integrating evidence-based treatment, structured data capture, and predictive analytics, AbleTo has developed a robust platform that enables insurers and employers to address an important unmet need. We look forward to helping AbleTo accelerate rapid growth and become a large-scale disruptor in the behavioral health market."

Keywords for this news article include: Technology, AbleTo Inc..