Virtual reality is gaining popularity because of the ever-growing capabilities of gaming. But seeing virtual reality being used for good is something that we don’t see enough of. There are plenty companies working to get VR inside of cases where it can be used, and they don’t receive enough attention. Oxford VR did something incredibly awesome though, and they will only continue to be awesome after their latest round of series A funding.
Led by Optum Ventures an supported Luminous Ventures, Oxford was able to raise over $12 million in funding to continue to make therapy sessions for virtual reality.
Oxfords CEO, Barnaby Perks, said that “We are tremendously excited to close this investment round and to be working with Optum Ventures to drive our next level of growth. We would not be at this exciting tipping point without the collective efforts of the team at OVR, in particular Katie Bedborough, our CFO & COO. Together with Optum Ventures and Luminous Ventures, and with the continued support from our existing investors, we can expand our clinical leadership footprint and accelerate our pipeline of automated VR therapy treatments.”
It is reported from Oxford that over 26 million Americans suffer from behavioral issues and that they are untreated. If that is true, getting help through virtual reality would be incredibly important. Not everyone would go see a councilor or therapist, but many would be inclined to strap a headset on and see what they could try to heal with.
One example that Oxford has helped with is the fear of heights. In the video showing their progress, you see how VR helps.
Dick, a retired first-responder, has a hard time approaching a ledge in what seems like a mall. After months of therapy and specific VR experiences, he is able to hang out in the same shopping mall over a ledge that seems nearly three stories high. Even for the most fearless people, its something they usually don’t do. Dick benefited from virtual reality in a way Oxford hopes to help with many.
Through the National Mental Health Innovation Center (NMHIC), Oxford is hoping to bring this to millions of Americans across the continent. For more VR news and community updates, make sure to check back at VRGear.com.
