Parallel Learning, a digital behavioral health startup that focuses on children with learning diversity, has raised $ 20 million in Series A funding.
The round was led by Tiger Global, with the participation of Obvius Ventures, JAWS and Vine Ventures. Made on Series A Company A $ 2.8 million seed round was announced in December.
What does this mean?
Parallel learning provides virtual assessments for mental health and learning challenges such as dyslexia, dysgraphia, ADHD, depression and anxiety. Once a child is diagnosed, the startup can also help with support services such as speech and language therapy or executive-function coaching.
In addition to the Series A announcement, Parallel Learning will add behavioral therapy to its list of services. Founder and CEO Diana Heldfund says the new services will help startups more effectively serve kids with learning differences, as there is often an overlap between terms. In this case, ADHD is often accompanied by anxiety.
“Children are very complicated today. One parent is not just saying, ‘My child is having a hard time learning to read. I’m worried about them. Maybe they have dyslexia, and I need to get them tested,'” he said. MobiHealthNews. “They’re coming in, saying, ‘My kids are struggling to read. They can’t pay attention. They’re depressed because they haven’t seen their friends in two years because of the epidemic. They’re questioning their gender identity.’ “
What is it for?
The company plans to use the funds to jump-start its nationwide rollout. Parallel education with services has been introduced in New York and California, and 7 It expanded to Illinois, Texas and Florida earlier this year.
“So we have a long way to go to really achieve our mission to serve all the American kids who are in this situation. And this funding will definitely allow us to achieve that goal and then hire some really incredible people. Both parties will help us grow.” But at the end of the day it will also think about our clinical products and our technology, ”Heldfund said.
Snapshots of the market
Other digital health organizations focusing on pediatric behavioral health include Brightline, which recently Funds scoops up to 105 million; Debrek Health, which recently raised 10 million; And Little Otter, which snatched 22 22 million in January. Last week, Polygon stealth came out with $ 3.6 million in seed funding for virtual learning to differentiate between ADHD and dyslexia.
Meanwhile, the Kovid-19 epidemic Affects the mental health of children and adolescents and exacerbates existing access problems. A survey conducted in September and October 2020 found that nearly two-thirds of U.S. parents said their child had recently experienced a mental or emotional challenge such as isolation, anxiety or concentration. Half of the teenagers questioned said they had experienced similar problems.
Parallel education focuses on partnerships with school districts, and Many schools struggled to evaluate students for special education services due to their location in remote areas.
“Covid still has an insane backlog from day one where these kids weren’t being tested. Schools are trying to figure out how to diagnose this early disease, providing far fewer services,” Heldfund said. “I would say that special education students or students with this high demand have been disproportionately affected by the epidemic because their service has really stopped.”