Saratoga Springs, New York-based AptiHealth Inc. has raised $10.8 million, according to an SEC filing.
The funding, a mix of equity and warrant/options, raises the company’s total raise to about $76 million, based on previous investment tracking by Crunchbase. It also pales compared to the company’s latest funding round — a $50 million Series B round announced in November 2021.
AptiHealth has not responded to a request for comment.
AptiHealth, founded in 2017, works with payers and health care providers to provide telehealth and other digital services to behavioral health patients of all acuity levels of care.
A 2019 company-produced case study states that patients saw a 44% reduction in depression severity and 41% in anxiety severity over 90 days when AptiHealth engaged with patients and providers. Meanwhile, patients in the study saw a 68% reduction in emergency room visits.
Some investors behind AptiHealth include Takeda Digital Ventures, Pivotal Life Sciences, Vista Credit Partners, Olive Tree Ventures, Claritas Capital and What If Ventures.
Last year, the company named several new executives. These include Elizabeth Rushforth as chief legal officer and corporate secretary, Erin McGarry as vice president of finance and accounting, and Tim Koehler as president and chief operating officer.
It named its first chief psychiatrist, Kevin Martin, in July 2021.
Investors have cooled on digital health companies since a huge jump in investment in 2021. Overall, digital health investment in the first quarter of 2023 totaled about $3.4 billion, down 43% year over year. The whole of 2022 digital health investment totaled $15.3 billion, down 48% from 2021.
Several forces tamp down investor activity including increasing interest rates from the Federal Reserve, uneasy economic vibes and shifting regulatory issues such as the end of the federal COVID-19 public health emergency.
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