Richmond, Virginia, July 06, 2022 (GLOBE NEWSWIRE) -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in Canopie. Falls Church, Va.-based Canopie is an app that uses clinically-validated techniques and automated, customized coaching to prevent and treat depression and anxiety in new and expecting mothers. Canopie will use this investment to secure early customers in healthcare delivery to validate the product’s readiness for larger scale.
One of the largest complications of pregnancy and childbirth is mental health conditions, and current treatment is costly and impractical. Oftentimes, the severity of poor mental health after childbirth results in inflated costs for payers, and poor patient outcomes for hospitals and clinics.
Canopie is a mobile app that was designed to improve outcomes for mental health care by addressing the main barriers to treatment, which include scheduling, time, stigma and cost. After downloading the Canopie app, users answer a series of questions that are used to create a personalized program tailored to each individual’s needs.Users can then access their customized program on the app at a time and place that are most convenient to them, at a fraction of the cost of other treatment options.
“Mental health care should be as standard as taking a prenatal vitamin and every mother deserves to have accessible tools to help manage the inevitable ups and downs that come with motherhood,” says CEO Anne Wanlund. “The Canopie app is built on evidence-based techniques and provides a venue to reduce the enormous gap in care and help parents navigate the challenges that come with becoming a new parent. We thank VIPC’s Virginia Venture Partners investment to help continue our growth and provide care to new and future moms.”
Through different features on the Canopie app, women have access to 12-day programs with audio sessions for less than 12 minutes per day featuring real stories of other women to help reduce stigma surrounding mental health care and mood monitoring to track their progress. And this program works, as a 2021 Canopie study found that 79% of users in the program with symptoms of depression experienced a clinically significant change in their mood.
Canopie’s primary customers are health plans, integrated delivery networks and self-insured employers. There are two product lines, one prevention/treatment program for expecting mothers, and one for new mothers. Within these product lines, there are multiple services available:
1. HIPAA-compliant depression screenings that can be reimbursed through existing CMS codes
2. Cost-effective and customized treatment offered at a fraction of the cost of face-to-face therapy
3. Referral pathways for moms who need additional support for mental health providers
“Canopie, which is led by a team of compassionate professionals in the healthcare industry, is dedicated to breaking down barriers to treatment and building a platform for affordable maternal mental health care,” says Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. “Canopie leverages unique research and public health expertise to develop this one-of-a-kind solution. We are excited to contribute to their success and further the impact they have on maternal mental health.”
About Canopie
Canopie is committed to getting the word out, changing the public narrative and informing policy around mental health. Canopie’s mission is to break down common barriers to mental health care and provide support to all pregnant women and new moms to prevent and treat common mental health challenges. The proven Canopie program combines evidence-based approaches tailored to the experiences of new moms and delivered through a convenient digital platform. Canopie’s program is supported by randomized control trials, as well as interpersonal therapeutic techniques developed by clinical psychologists and doctors.
About Virginia Venture Partners
Virginia Venture Partners, formerly CIT GAP Funds, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $32.4 million in capital across more than 250 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
Connecting innovators with opportunities. The nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Smart Communities | Unmanned Systems | Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Twitter, LinkedIn, and Facebook.
Attachments
- Mobile app utilizes clinically-validated techniques to aid in the prevention and treatment of maternal mental health disorders
- VIPC’s Virginia Venture Partners Invests in Canopie to Provide Mental Health Resources to New and Expecting Mothers
