VANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) — Having invested a mere thirteen months ago in Ottawa based Snapclarity, the Relentless Venture Fund (“Relentless”) announced that Snapclarity has been acquired by the publicly traded health organization, CloudMD (TSXV:DOC, OTCQB: DOCRF, Frankfurt: 6PH).
Snapclarity’s amalgamation with CloudMD will ensure accelerated access to mental healthcare via the telemedicine platform CloudMD On Demand as well as CloudMD’s broad reaching ecosystem of clinics.
Virtual care via a variety of digital health strategies has exploded during the COVID-19 pandemic, as has the surge of mental health issues. COVID’s toll on the mental health of individuals globally has been well documented. Survey findings released on October 1st 2020 by Mental Health Research Canada included an overarching finding that the COVID-19 outbreak and restrictions have led to an increase in both anxiety and depression, and that the levels of anxiety and depression are serious.
At odds with the surge in mental health issues, the new survey data noted that nearly one-half of all people who accessed mental health services before the pandemic are no longer accessing services (32% before, 17% after) due to a significant reduction in access to family doctors and in-person one-to-one mental health services.
CloudMD’s integration of both Snapclarity’s innovative tools and team expertise will take a major step toward reducing the gap in mental healthcare access.
“There has never been a more critical time to address the escalating mental health needs of Canadians in a virtual environment than now,” asserted Estelle Morrison, Head of National Clinical Operations at Snapclarity. “The synergies between CloudMD and Snapclarity, as well as the unique perspective on treating the whole person, will provide a more meaningful and effective approach to healthcare rarely seen in the typical silo programs.”
Karen Adams, Chief Health Innovation Officer at CloudMD commented, “We are thrilled to close the acquisition of Snapclarity, together creating one of the only telemedicine companies that provides an integrated digital platform combining top-tier primary care with clinically-proven mental health support. Our shared vision of continuity of care, and a holistic approach is crucial as we continue to disrupt traditional healthcare delivery by putting patients, employees and individuals first. We look forward to working with the Snapclarity team to address an emergent market demand for one centralized, assessment-based platform for clients and customers.”
The pandemic has heightened the need for accessible, holistic, patient centered care.
“CloudMD’s established telehealth platform and use of artificial intelligence, combined with Snapclarity’s innovative tools and programming creates a technical force poised for successful mitigation of the mental health echo-pandemic,” declared Brenda Irwin Managing Partner of the Relentless Venture Fund.
About Relentless Venture Fund
The Relentless Venture Fund (“Relentless/RVF”) is a health technology venture capital fund dedicated to investing in preventative and proactive technology solutions that optimize health, activity and longevity. Relentless is an early-stage investor, primarily investing in seed and Series A investments. As a technology and mission-based fund, Relentless is committed to the development of technologies, products and services that both enhance and promote an individual’s ability to stay optimally healthy and active over an entire lifetime. Portfolio themes of emphasis for Relentless are preventing the development of cardiovascular disease and diabetes, as well as optimizing mobility and mental wellbeing.
The Relentless portfolio themes represent the most common health issues associated with aging; these issues are also the pre-existing conditions presenting the greatest risks to individuals who contract COVID-19.
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About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers. Visit www.cloudmd.ca for more information.
FOR ADDITIONAL INFORMATION ABOUT CLOUDMD CONTACT:
VP, Investor Relations