Blackbird Health raises $17 million Series A to expand access to integrated, technology-backed youth mental health model

Blackbird Health leverages a neuroscience-driven, "Understanding-first" care model to take the trial and error out of pediatric, adolescent and young-adult mental health diagnosis and treatment.

PITTSBURGH, Feb. 21, 2024 /PRNewswire/ -- Blackbird Health, a neuroscience-led and technology-backed youth mental health provider, announced today it raised $17 million in series A funding. The round was led by Define Ventures and also included participation from Frist Cressey Ventures and GreyMatter. Blackbird has raised nearly $23 million to date.

Blackbird Health is a mental health company for kids and young adults struggling with social/emotional, developmental and school-related challenges. Leveraging an integrated, virtual and in-person model that includes a groundbreaking approach to diagnosing and treating, it's the only in-network mental health practice that's dedicated to achieving better outcomes more quickly by taking trial and error out of delivering high-quality mental healthcare.

The original clinic behind Blackbird was founded in 2014 by Amy Edgar, APRN, CRNP, FNP-C, now serving as its Chief Clinical Officer, and then relaunched in 2021 when co-Founder Dr. Matt Keener, a board-certified child and adolescent psychiatrist, joined the company. Together, Edgar and Dr. Keener pioneered an "Understand-first" care model that leverages neuroscience-driven patient assessments led by a trained specialist and computational models applied to its 10-year foundational dataset to uncover and treat root causes of mental health issues. Given the shortage of in-network specialists across the country, a major key to Blackbird's model is affordability, so Blackbird partners closely with insurance carriers and employers to ensure timely, in-network access and coverage.

"As a mental health practitioner who's seen thousands of patients, I've witnessed the transformative power of compassionate care and tailored support in young people's mental wellness journeys. Our care model stands out because we prioritize individualized approaches to mental healthcare that deeply understand the psychology, biology and physiology that make up each individual's situation," said Edgar. "Our multidisciplinary and data-driven approach not only empowers our patients and their families with important information that helps them understand their condition, but it also allows us to build trust and gets at the root causes - a characteristic that distinguishes us at a time when the need is great but the available resources are stretched thin. At Blackbird Health, it's not just about addressing symptoms; it's about nurturing resilience, honoring dignity, and guiding each person toward holistic mental well-being."

Another unique aspect of Blackbird Health is that its patient population includes a full age spectrum of kids to young adults ? with 45 percent under the age of 10, 45 percent between 10 and 20 years old, and 10 percent who are 21 and older. Blackbird's care model considers both how children's brains develop over time and the impact that growth has on mental health, which enables targeted and lasting outcomes regardless of age. For example, Blackbird has a very high patient retention rate, and approximately 85 percent of Blackbird patients with depression and/or anxiety experience clinically significant improvement in their symptoms. Additionally, across its patient population, Blackbird's "Understand-first" and integrated care approach results in a substantially lower use of medications and ED utilization while leveraging a broad range of treatments.

"Blackbird Health epitomizes the future of mental healthcare ? a future defined by innovation and a dedication to significant cost reductions and superior outcomes ? and I see tremendous opportunity for its personalized, technology-driven solutions and steadfast focus on understanding the underlying drivers of mental health," said Chirag Shah, Partner at Define Ventures. "Our investment in Blackbird stems from a longstanding belief that the most successful models in pediatric mental health must be fundamentally focused on high-quality care. Blackbird exemplifies this better than any other organization we have seen, and we are proud to be partnering with them as they catalyze meaningful change and foster accessible, compassionate mental health solutions for young people."

Blackbird's proprietary computational models and machine-learning algorithms are based on more than 50 million data points across 10 years of patient encounters and are used to identify patterns. These patterns help clinicians determine "Blackbird Biotypes", which are clusters of individuals with similar symptoms-linked brain features. As a result, Blackbird clinicians can more precisely and accurately identify the underlying root cause of symptoms and propose integrated and personalized treatment plans.

Following his family's personal experience with Blackbird, former Evolent Health Co-founder and COO Tom Peterson joined the company as CEO in 2023 to lead Blackbird through its next phase. The company will use the investment to build more technology, expand its service offerings and to scale the clinical model nationwide. Blackbird currently operates three brick-and-mortar clinics across the Mid-Atlantic region and has more than 40 providers that include board-certified child and adolescent psychiatrists, prescribing CRNPs, psychologists, therapists, speech pathologists and more.

"We are rapidly growing our services and technology capabilities throughout this year and plan to expand, using a community-centered approach that partners with pediatricians and other stakeholders in each region," said Peterson. "We also are building our team and will be the talent destination for clinicians who want to work in a truly integrated, multidisciplinary model of care that can transform how kids are understood and treated through in-person and virtual services."

Mental health challenges were the leading cause of disability and poor life outcomes in young people, with up to one in five U.S. children between the ages 3 to 17 with a reported mental, emotional, developmental or behavioral disorder. Incidents caused by severe mental health issues consistently have been a major cause of premature death to persons aged 10?24 nationwide. However, according to the American Academy of Child and Adolescent Psychiatry, for every 100,000 children in America, there are only 14 child and adolescent psychiatrists available to treat them and far fewer offer in-network coverage.

About Blackbird Health
Blackbird Health is a leading provider of innovative, virtual and in-person mental healthcare solutions that's dedicated to transforming the way young people access and experience mental wellness. Through a combination of cutting-edge technology, personalized care plans, and a commitment to equity and inclusivity, Blackbird's experienced, multidisciplinary care team supports compassionate and integrated mental health services, delivering superior outcomes faster by eliminating trial and error. The company is headquartered in Pittsburgh, PA and is backed by Define Ventures, Frist Cressey Ventures, GreyMatter and others. For more information, visit www.blackbirdhealth.com.

About Define Ventures
Define Ventures is the largest early-stage venture firm investing in digital health companies that are redefining healthcare. With $800 million in assets under management, Define Ventures invests in companies at incubation, seed, Series A, and Series B stages. Define Ventures combines proven Silicon Valley principles with deep healthcare operating experience to create category-defining companies including Hims & Hers, Unite Us, and Cohere Health, and has experience building best-in-class industry leaders like Livongo. For more information, visit www.definevc.com.

SOURCE Blackbird Health Inc.