Accenture Ventures has made a strategic investment in BehaVR, a leader in virtual reality (VR) digital wellness and digital healthcare experiences.
On the same day, BehaVR announced a merger with OxfordVR, an Oxford University spin-off that is a leader in science-based virtual reality therapies for severe mental diseases. The newly formed firm will provide complete, cross-acuity VR-based therapy interventions for mental health as part of a digital therapies market estimated to approach $13 billion by 2027.
The BehaVR platform offers individualised, dynamic experiences that are managed and altered in real-time based on biometrics, protocols, and machine learning models via its proprietary delivery platform for building, validating, and managing digital medicines solutions.
According to the Accenture Digital Health Technology Vision 2022 research, healthcare professionals expect virtual reality and the metaverse to benefit the future of care by aligning the proper technology, operating model, data, and culture to deliver more efficient and empathic treatment.
“Providing people with the flexibility to decide when, where, and how they want to receive mental health care will help to improve access, experience, and outcomes. BehaVR offers people choice and clinicians options to expand how they care for patients,” said Rich Birhanzel, senior managing director and Health practice global lead at Accenture.
BehaVR is now a part of Accenture Ventures’ Project Spotlight, a program that connects emerging technology businesses with the Global 2000 to bridge strategic innovation gaps. Accenture’s domain experience and business clients are available through Project Spotlight, allowing entrepreneurs to harness human ingenuity and deliver on the promise of their technology.
Accenture Ventures managing director Tom Lounibos said mental health concerns have never been more widespread in the United States and worldwide, and there is an urgent need for greater resources and treatment.
Lounibos stated that BehaVR is harnessing virtual reality’s immersive power to activate and reconfigure neural circuits to cure patients suffering from anxiety, stress, terror, and other conditions.
“Around the world, providers and employers are grappling with how to enhance the depth, breadth and efficacy of their mental health service offerings, and we believe virtual-reality-based digital therapeutics can play a vital role in helping them do all of those things. Joining Accenture Venture’s Project Spotlight is a powerful way to drive increased awareness of BehaVR’s VR-powered mental health services as we continue our work to lower barriers and deliver advanced care to the people that so desperately need it,” BehaVR founder and CEO Aaron Gani said.