Behavioral health technology company Array Behavioral Care has closed a 25 million funding round led by CVS Health Ventures, the investment arm of health care giant CVS Health Corp. (NYSE: CVS). This tele-behavioral health investment not only provides critical capital for scaling Array’s services but also strengthens its partnership with CVS Health, a company it has previously worked with to provide care for select Aetna health plan members.
“As CVS Health drives more innovation into care delivery, we look forward to working with Array to enhance access that complements our existing services in new ways,” said Cara McNulty, president of behavioral health and mental well-being for CVS Health.
Strategic Board Expansion
As part of the funding round, Dr. David Fairchild, senior vice president and chief medical officer of retail health for CVS Health, will join Array’s board of directors. His inclusion highlights CVS Health’s commitment to shaping the future of virtual behavioral health. This move demonstrates how strategic tele-behavioral health investments are increasingly being guided by healthcare leaders seeking to integrate innovative solutions across care networks.
Existing investors, including Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, HLM Venture Partners, OCA Ventures, and OSF Healthcare, also participated in this funding round. Wells Fargo served as Array’s advisor, underscoring the strong financial confidence in this tele-behavioral health investment.
Array Behavioral Care: A Leader in Virtual Behavioral Health
Founded in 1999, Array Behavioral Care is one of the most established behavioral health tech companies in the U.S. It delivers virtual care in business-to-business arrangements with hospitals, clinics, and other providers. Today, approximately 90 million Americans across all 50 states have access to Array’s services.
“Our practice has always focused on helping provide patients the care they need, when and where they need it, without sacrificing quality,” said Dr. James Varrell, executive chief medical officer and co-founder of Array Behavioral Care. “Tele-behavioral care is one of the most meaningful ways to address the clinician shortage and mental health crisis. This tele-behavioral health investment enables us to reach more patients effectively.”
Bridging the Behavioral Health Gap
Behavioral health provider shortages remain a major challenge in the U.S. The U.S. Health Resources & Services Administration reports that 158 million Americans live in areas with a shortage of behavioral health practitioners. Providers in these regions can only meet about 28% of mental health service needs.
Virtual behavioral health companies like Array are filling this gap. By providing tele-behavioral health services, patients can access care without geographic barriers, reducing wait times and ensuring timely treatment. This funding round is a prime example of a strategic tele-behavioral health investment aimed at addressing nationwide mental health access issues.
CVS Health’s Multi-Channel Behavioral Health Strategy
CVS Health is taking a multichannel approach to behavioral health, integrating in-person care, virtual visits, and digital solutions. The investment in Array Behavioral Care aligns with this strategy and demonstrates CVS’s openness to tele-behavioral health investments as a key tool for expanding patient access.
Other examples of CVS Health’s focus on behavioral health include:
- Investing in Oui Therapeutics, a suicide prevention digital therapeutic company, through a $26 million funding round
- Partnering with Amwell to launch a virtual primary care offering with on-demand behavioral health services
- Evaluating over 500 potential partners annually through a quarterly “shark tank-like” selection process, highlighting the company’s interest in tele-behavioral health investment opportunities
The Importance of Tele-Behavioral Health
Tele-behavioral health is increasingly recognized as an essential solution to clinician shortages and access challenges. By delivering care virtually, Array Behavioral Care reduces barriers such as travel, scheduling, and provider availability. Patients in underserved areas can now access timely, high-quality care through platforms made possible by strategic tele-behavioral health investments like this one.
Dr. Varrell emphasizes, “Tele-behavioral care addresses the dual challenges of clinician shortages and growing mental health demand. By investing in technology and partnerships, these tele-behavioral health investments help ensure patients get the care they need when they need it.”
What This Means for the Industry
This 25 million funding round reinforces Array Behavioral Care’s position as a leading tele-behavioral health provider. It signals a broader trend of major health systems and insurers actively investing in virtual behavioral health solutions to address service gaps. For patients, this means faster, more flexible, and more accessible mental health care, while providers can better manage demand and extend their reach.
Looking Ahead
The combination of strategic partnerships, innovative technology, and tele-behavioral health investments positions Array Behavioral Care to continue scaling and transforming behavioral health care delivery. With CVS Health’s support, the company is well-equipped to expand access, improve care outcomes, and shape the future of virtual behavioral health in the U.S.
