WEBVTT - SoftBank Vision Fund 2 Backs Cerebral at $4.8 Billion Valuation

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio Decis. They caught

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<v Speaker 1>our attention last week thanks to Bloomberg's Julian Tan. She

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<v Speaker 1>wrote about Cerebral. It's a startup that provides mental health services,

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<v Speaker 1>and the company came out saying it's valuation roughly quadrupled

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<v Speaker 1>to four point eight billion tim after raising three million

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<v Speaker 1>dollars in an equity funding round led by soft Bank

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<v Speaker 1>Vision Fund to Kyle Robertson is the CEO of Cerebral.

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<v Speaker 1>Kyle joins us on the phone from Miami. Kyle, how

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<v Speaker 1>are you doing quite well? Thank thanks for having me

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<v Speaker 1>Carol and Tim. Yeah, thanks so much for joining us.

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<v Speaker 1>We'll take us into this most recent round of funding

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<v Speaker 1>that that values the company at four point eight billion

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<v Speaker 1>dollars um. How difficult was it to raise that capital? Yeah,

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<v Speaker 1>that's you know, a really great question. I mean we

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<v Speaker 1>we actually weren't looking to raise capital, right. Um. You know,

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<v Speaker 1>we're one stop shop for all things mental healthcare and

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<v Speaker 1>we have a vision to fundamentally transform access to high

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<v Speaker 1>quality mental healthcare SCAUP scale and our view is that

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<v Speaker 1>all the companies in this space combined are barely scratching

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<v Speaker 1>the surface of this overall market and this overall opportunity.

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<v Speaker 1>So while we didn't need to raise capital, um, you know,

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<v Speaker 1>we were really aligned with soft banks vision that we

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<v Speaker 1>can build something really sick here, and when they came

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<v Speaker 1>to us to potentially partner, we were really excited about

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<v Speaker 1>it and what it could be for the path forward

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<v Speaker 1>in terms of transforming access to high quality mental health care. Well,

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<v Speaker 1>and take a step back for us, because I do

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<v Speaker 1>feel like Kyle um, you know that the conversation around

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<v Speaker 1>mental wellness mental health, even how we the words we

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<v Speaker 1>used to describe it, it's no longer you know, oh,

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<v Speaker 1>you know, kind of pushed to the side and we

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<v Speaker 1>don't really talk about it. I feel like the pandemic

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<v Speaker 1>has made it a much more um part of our

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<v Speaker 1>conversation about our well being overall and the importance of

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<v Speaker 1>it and having access to the right care. How has

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<v Speaker 1>that impacted what you guys are doing at s A. Yeah,

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<v Speaker 1>I think I think the historical stigma around access to

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<v Speaker 1>high quality mental health care has been really problematic. Right, Um,

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<v Speaker 1>you have millions, really tens of millions of Americans who

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<v Speaker 1>historically have suffered from mental health challenges and the vast

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<v Speaker 1>majority of them haven't gotten the help that they deserved

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<v Speaker 1>and needed, right. And I think that the pandemic, coupled

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<v Speaker 1>with a cultural shift and recognition that anyone can face

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<v Speaker 1>mental health challenges and there shouldn't be a stigma around

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<v Speaker 1>it has been really powerful. And so I think, you

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<v Speaker 1>know Naomi Osaka, the famous tennis players, while Simone Biles

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<v Speaker 1>is now our chief impact officer at Cerebral. UM coming

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<v Speaker 1>out and saying, hey, you know, I'm not okay, right,

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<v Speaker 1>I can't continue doing this. And and seeing public figures

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<v Speaker 1>like that say hey, it's okay to not be okay,

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<v Speaker 1>and it's okay to get the help you deserve and

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<v Speaker 1>need has been really really powerful UM from a de

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<v Speaker 1>sigmentization perspective, and it's really a big part of our

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<v Speaker 1>mission at Cerebral. Its destigmatizing access to high quality mental

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<v Speaker 1>health care so that everyone will get the care they

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<v Speaker 1>deserve a need. So we're really excited. Go ahead, No,

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<v Speaker 1>And what I was curious about, So, Kyle, what's your approach?

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<v Speaker 1>I mean, we all know kind of the traditional proach

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<v Speaker 1>I guess to getting UM mental mental care mental health care.

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<v Speaker 1>What's your approach specifically, how is it different? Yes, I

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<v Speaker 1>think for us, it's really about building the one stop

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<v Speaker 1>shop for high quality mental healthcare. So whether you need

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<v Speaker 1>you know, wellness, meditation, clinical care, whether that be medication management, therapy, counseling,

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<v Speaker 1>being able to access that from home right via telemedicine

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<v Speaker 1>is really what Cerebral is fundamentally about. An unlocking supply

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<v Speaker 1>of clinicians and lock stuff with demands such that we

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<v Speaker 1>can take way times from traditional way times of two

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<v Speaker 1>three months to quite literally minute, right. So we have

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<v Speaker 1>something called instant live visits where we're able to know

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<v Speaker 1>exactly how many clinicians we need at a a given time,

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<v Speaker 1>with what licenses, with what specialization, such that a client

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<v Speaker 1>or consumer of behavioral healthcare can come on to Cerebral

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<v Speaker 1>sign up and actually be seen by a licensed clinician

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<v Speaker 1>within fifteen minutes. That's really unheard of. And go ahead,

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<v Speaker 1>and Kyle, it's all telemedicine, right, Yes, so we're fully

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<v Speaker 1>telemedicine model. And um, this does a ton in terms

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<v Speaker 1>of being able to unlock supply of clinicians and lockstoff

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<v Speaker 1>with demand and driveway time. But what are the guardrails

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<v Speaker 1>that are up because if if you're talking about prescribing

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<v Speaker 1>medication as well, UM, what are the ways that you

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<v Speaker 1>know you avoid abuse, because that's that's absolutely something that

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<v Speaker 1>that can happen in situations like this. Yeah, I think

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<v Speaker 1>I think one important thing to think about, right is

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<v Speaker 1>the distinction between telemedicine in person care, right. And I

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<v Speaker 1>think historically there has been a bias against telemedicine in

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<v Speaker 1>despite the facts that all of the clinical research support

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<v Speaker 1>that telemedicine outcomes are equal are actually better. UM and

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<v Speaker 1>our chief medical officer, Dr David Moe Harvard Tain Psychiatrists

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<v Speaker 1>actually recently published a white paper highlighting our outcomes and

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<v Speaker 1>highlighting the fact that you know, outcomes as measured by

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<v Speaker 1>symptom based rating scales like the PHQ, the GOD, the

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<v Speaker 1>I s I are actually equal or better with telemedicine. UM.

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<v Speaker 1>There absolutely need to be guardrails in place, and there

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<v Speaker 1>absolutely are for Cerebroll and other telemedicine organizations. But I

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<v Speaker 1>think it's important this recognition supported by clinical research that

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<v Speaker 1>telemedicine actually leads to equal or better outcomes and most

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<v Speaker 1>importantly that are access to care. Yeah, you do wonder

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<v Speaker 1>and I think this has certainly been one of the

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<v Speaker 1>conversations that we've been having over the last eight nine

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<v Speaker 1>twenty months about, you know, people who haven't been able

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<v Speaker 1>to access mental health care and and that by going virtual,

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<v Speaker 1>it's really opened it up to a lot of people. Hey, um, Kyle,

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<v Speaker 1>sit tight. We're going to come back and continue the

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<v Speaker 1>conversation we have been talking with Kyle Robertson. He's the

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<v Speaker 1>founder and CEO of Cerebral, and I will continue talking

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<v Speaker 1>about it in their latest fundraise because what I do

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<v Speaker 1>wonder too, is you know, what's the plans for growth

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<v Speaker 1>Partnerships obviously a big part of what they are doing,

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<v Speaker 1>and they're growth going forward. I also got to ask

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<v Speaker 1>about licensing, because this stuff is different on a state

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<v Speaker 1>by state basis, So do you have to match potential

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<v Speaker 1>patients with providers who are in that same area. It's

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<v Speaker 1>a good question. But the idea about the guardrails, I

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<v Speaker 1>think is really important because because you don't, you want

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<v Speaker 1>to make sure people are being diagnosed correctly, and sometimes

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<v Speaker 1>that is something that face to face can be really crucial.

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<v Speaker 1>All Right, We're gonna continue with him in just a moment.

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<v Speaker 1>I want to get back to our guest still with

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<v Speaker 1>us is Kyle Robertson. He's cerebral founder and CEO, and

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<v Speaker 1>they are a mental health UM services start up and

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<v Speaker 1>we are talking about them because our Jillian Tan wrote

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<v Speaker 1>this great article about their valuation roughly quadrupling to four

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<v Speaker 1>point eight million after raising three million in inequity funding

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<v Speaker 1>around led by stopping Vision Fund. To Kyle, thanks for

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<v Speaker 1>staying with us. You're there in Miami, UM, we just

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<v Speaker 1>want to ask you. First of all, Jillian's story has

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<v Speaker 1>this great picture of you there with Simone Biles, Olympic gymnast,

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<v Speaker 1>incredible UM athlete who walked away from the Olympics putting

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<v Speaker 1>her mental health above her crust for gold. Uh. It

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<v Speaker 1>really stood out and she you know, I think it

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<v Speaker 1>created and sparked a lot of conversations. I know, certainly

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<v Speaker 1>for us in our newsroom. Talk us about the interactions

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<v Speaker 1>and conversations you've had with her and understanding maybe as

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<v Speaker 1>somebody who's running a company, but really understanding you know,

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<v Speaker 1>what's involved and what's needed really by those who are

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<v Speaker 1>trying to improve their mental well being. Absolutely, you know,

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<v Speaker 1>I think I think Simone's voice when in Tokyo she said,

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<v Speaker 1>I'm going to stop here, right, my mental health is

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<v Speaker 1>more important than gold medals. It was really powerful, right,

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<v Speaker 1>It was really powerful for a lot of people, my

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<v Speaker 1>elf included as the CEO of a mental health company. Right.

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<v Speaker 1>I actually was sitting in the hospital bed this summer,

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<v Speaker 1>um because I was suffering from a mersa pneumonia induction

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<v Speaker 1>when I was watching the Olympics, and I my mental

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<v Speaker 1>health was suffering, right, Being locked up in a hospital bed, right,

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<v Speaker 1>not knowing what was going to happen. And seeing her say, right, um,

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<v Speaker 1>my mental health is more important here and I'm going

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<v Speaker 1>to stop was so powerful for me. And I think

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<v Speaker 1>when I saw that, and when our organization saw that,

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<v Speaker 1>we knew we had to partner with Simone, Right. We

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<v Speaker 1>knew we had to partner with Simone to tell the

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<v Speaker 1>world that taking care of your mental health is more

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<v Speaker 1>important than anything, right, and that it needs to be prioritized,

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<v Speaker 1>it needs to be distigmatized, and people need to get

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<v Speaker 1>access to the care they deserve and meat and that's

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<v Speaker 1>what our organization is all about. That's what the real

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<v Speaker 1>role is about. Um. So we're we're really excited to

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<v Speaker 1>be partnered with Simone as our Chief Impact Officer and

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<v Speaker 1>you know, even though we've only been working with her

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<v Speaker 1>for a few months, she's had an incredible impact. I'm

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<v Speaker 1>so curious about the relationships that you have with clinicians,

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<v Speaker 1>with with providers, and how you're able to treat people

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<v Speaker 1>in different parts of the country because there are there

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<v Speaker 1>is this patchwork of rules and regulations. I mean, correct

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<v Speaker 1>me if I'm wrong, doctor has to be licensed in

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<v Speaker 1>a certain state. Correct, that's right. Yes, so there are

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<v Speaker 1>licensing requirements, but one of the benefits of telemedicine is

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<v Speaker 1>that particularly in rural areas where there's not a lot

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<v Speaker 1>of access to high quality mental healthcare. Right. A small

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<v Speaker 1>town in Appalachia may not even have a psychiatrist, right, Um,

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<v Speaker 1>so we can get folks connected to the right level

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<v Speaker 1>of care for them. Does the clinician need a state license? Generally,

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<v Speaker 1>the answer to that is yes. However, our clinicians are

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<v Speaker 1>largely cross licensed across multiple states, so they may not

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<v Speaker 1>have to sit in the same state that the patient

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<v Speaker 1>that they're providing care to is sitting in, right, but

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<v Speaker 1>they do have to be licensed. That said, there isn't

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<v Speaker 1>a movement today towards universal license are right, you know,

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<v Speaker 1>we believe that it is a positive movement and that

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<v Speaker 1>it would be good for society, right because it is

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<v Speaker 1>a lot more efficient. Um. And there's no reason that

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<v Speaker 1>with the proliferization of telemedicine that a clinician who's licensed

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<v Speaker 1>in California but not licensed in New York or Georgia

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<v Speaker 1>shouldn't be able to provide care to a patient. They're right,

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<v Speaker 1>So it's definitely something we believe in. But we do

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<v Speaker 1>take advantage of licensing clinicians up in states that they're

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<v Speaker 1>not physically nomstiled in. Today, Kyle, you have more than

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<v Speaker 1>twenty three clinicians signed up according to Jillian's article that

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<v Speaker 1>that she wrote about your fundraise. Are these clinicians working

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<v Speaker 1>full time for cerebral Are they doing this as kind

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<v Speaker 1>of a side hustle in addition to seeing patients in person,

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<v Speaker 1>perhaps are using other telemedicine platforms. Yeah, clinicians to to

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<v Speaker 1>to clarify there, but um, absolutely, our clinicians are mixed. Um.

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<v Speaker 1>So we have over clinicians across the country. They're a

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<v Speaker 1>mix of you know, full time and part time. And

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<v Speaker 1>that's intentional, right, because we want to meet the clinician

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<v Speaker 1>where they're at and to be able to help them,

0:11:23.320 --> 0:11:26.560
<v Speaker 1>UM fill in their schedules as needed. Right. Some clinicians

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<v Speaker 1>want a part time situation right UM, where they can

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<v Speaker 1>get supplementary income, where they can work from where they

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<v Speaker 1>want when they want. Some folks want to work part

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<v Speaker 1>time in general, right. Others that you want to work

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<v Speaker 1>full time via telemedicine. So. UM. In short, it's a variety.

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<v Speaker 1>Our average clinician works over twenty clinical hours a week

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<v Speaker 1>with us, so UM it tends to be fairly evolved

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<v Speaker 1>with our clinicians. However, UM, there is a variety of structures.

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<v Speaker 1>So where do you see it all going? Ultimately? I

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<v Speaker 1>know you've got partnering our partnerships with Signa and Anthem. UM.

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<v Speaker 1>My understanding you know and just reading in for our

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<v Speaker 1>time with you today, is that you are looking to

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<v Speaker 1>be an in network resource for I think all insured

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<v Speaker 1>Americans by the end of So what exactly do you

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<v Speaker 1>mean and and how do you get there? And will

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<v Speaker 1>you get there? Absolutely? So, I think that's an incredibly

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<v Speaker 1>important question. UM. A year ago today, we were not

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<v Speaker 1>in network with any of the insurance carriers, right. UM.

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<v Speaker 1>We launched with Signa in January. UM. We we now

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<v Speaker 1>are working with Etna signa United Health Group Luecrosse with

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<v Speaker 1>Shield Medicare, etcetera. Right, Um, And our vision to your

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<v Speaker 1>point is to be in network with every help plan

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<v Speaker 1>in every state such that regardless of your insurance carrier,

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<v Speaker 1>regardless of your geography, regardless of your income level, regardless

0:12:53.440 --> 0:12:56.600
<v Speaker 1>of your race, you can come to cerebrawl and get

0:12:56.640 --> 0:12:59.600
<v Speaker 1>the care you deserve and need and it's affordable. It's

0:12:59.679 --> 0:13:03.240
<v Speaker 1>that convenient and it's high quality. Right. That's the vision

0:13:03.280 --> 0:13:06.040
<v Speaker 1>for Cerebral, and we have the right team in place

0:13:06.120 --> 0:13:10.240
<v Speaker 1>to to get us there. Unfortunately, I think regulators, clinicians,

0:13:10.360 --> 0:13:14.880
<v Speaker 1>patients alike are recognizing the need for high quality care

0:13:15.400 --> 0:13:18.960
<v Speaker 1>that enables patients to get the care they deserve, in need,

0:13:19.800 --> 0:13:22.319
<v Speaker 1>when when they need it. Right. Um, So that's that's

0:13:22.360 --> 0:13:27.880
<v Speaker 1>what we're focused on in the organization. Yeah. No, um no,

0:13:28.040 --> 0:13:31.400
<v Speaker 1>it's pretty you know, and it's really pretty astonishing everybody

0:13:31.400 --> 0:13:35.040
<v Speaker 1>that you're you're hooking up with in terms of the

0:13:35.040 --> 0:13:37.840
<v Speaker 1>health care system. We're talking with Kyle Robertson, chief executive

0:13:37.840 --> 0:13:41.400
<v Speaker 1>officer at Cerebral, on the phone from Miami, and uh,

0:13:41.520 --> 0:13:45.400
<v Speaker 1>this is certainly one of the big topics of the year. Hey, Kyle, UM,

0:13:45.480 --> 0:13:49.080
<v Speaker 1>help us understand what exactly do we have time? Actually, yeah,

0:13:49.080 --> 0:13:50.200
<v Speaker 1>I want to make sure we have time for your

0:13:50.200 --> 0:13:53.160
<v Speaker 1>coy um, do help us understand how you expand here

0:13:53.160 --> 0:13:56.839
<v Speaker 1>geographically because the I know, you know, a big part

0:13:56.880 --> 0:13:58.640
<v Speaker 1>of this is working in the United States and the

0:13:58.679 --> 0:14:00.679
<v Speaker 1>patwork of regulation state by state. But how how do

0:14:00.720 --> 0:14:05.640
<v Speaker 1>you have your eyes on international expansion? Really important question,

0:14:05.760 --> 0:14:11.240
<v Speaker 1>right because mental health challenges don't discriminate by geography or nationality,

0:14:11.320 --> 0:14:15.000
<v Speaker 1>and unfortunately access is really challenging across the globe. Right.

0:14:15.320 --> 0:14:17.720
<v Speaker 1>So we are in all fifty states of the United

0:14:17.760 --> 0:14:20.200
<v Speaker 1>States and working with a variety of different health plans

0:14:20.240 --> 0:14:23.400
<v Speaker 1>as well as government program in the US, but we

0:14:23.520 --> 0:14:26.840
<v Speaker 1>recently launched in the United Kingdom right and one our

0:14:26.880 --> 0:14:30.120
<v Speaker 1>first contract with the National Health Service there right UM.

0:14:30.200 --> 0:14:32.960
<v Speaker 1>The idea being that by starting to work with single

0:14:33.000 --> 0:14:36.040
<v Speaker 1>payer systems like the NHS, UM, you know, we have

0:14:36.080 --> 0:14:39.360
<v Speaker 1>a roadmap to grow and expand in Europe right where

0:14:39.360 --> 0:14:42.120
<v Speaker 1>there are a lot of single payer systems. So in short,

0:14:42.280 --> 0:14:44.720
<v Speaker 1>what I would say is that mental health access is

0:14:45.320 --> 0:14:48.600
<v Speaker 1>a huge challenge, not just in the US but globally,

0:14:49.000 --> 0:14:52.760
<v Speaker 1>and we absolutely have global ambition, which is why you know,

0:14:52.800 --> 0:14:55.840
<v Speaker 1>within a year and a half of launching in the US.

0:14:55.880 --> 0:14:59.200
<v Speaker 1>We launched our first international geography being in the UK. UM,

0:14:59.200 --> 0:15:02.080
<v Speaker 1>So definitely a big priority across Europe, across Asia, across

0:15:02.120 --> 0:15:05.600
<v Speaker 1>South America, UM, and definitely a focus moving forward. Kyle,

0:15:05.720 --> 0:15:08.080
<v Speaker 1>just got about thirty seconds left here the capital raises.

0:15:08.080 --> 0:15:09.160
<v Speaker 1>What are you going to use the money for? It?

0:15:09.280 --> 0:15:13.760
<v Speaker 1>Is the plan also to go public? Just quickly? Yeah,

0:15:13.800 --> 0:15:17.040
<v Speaker 1>absolutely important question, you know. For us, it's about building

0:15:17.200 --> 0:15:20.040
<v Speaker 1>the one stop shop for high quality mental healthcare. So

0:15:20.080 --> 0:15:24.280
<v Speaker 1>that means all products, all conditions, so expanding into more

0:15:24.440 --> 0:15:29.960
<v Speaker 1>wellness products like meditation, UM, expanding into new new conditions

0:15:30.000 --> 0:15:33.040
<v Speaker 1>like some use disorder like the freni end. Really being

0:15:33.080 --> 0:15:36.680
<v Speaker 1>that one stop shop for pairs, consumers of behavioral health

0:15:36.680 --> 0:15:39.400
<v Speaker 1>clinicians alike. That's a big focus for the fund raise,

0:15:39.480 --> 0:15:44.520
<v Speaker 1>as well as continuing to expand our pair partnerships, expanding

0:15:44.560 --> 0:15:48.160
<v Speaker 1>globally UM and and really leveraging data science more and

0:15:48.160 --> 0:15:49.800
<v Speaker 1>more as we grow. All right, we'll have to get

0:15:49.840 --> 0:15:52.200
<v Speaker 1>back to you about go in public if that's part

0:15:52.200 --> 0:15:55.280
<v Speaker 1>of it. To Gyle Robertson, chief executive officer, founder of Cerebral,

0:15:55.520 --> 0:15:58.520
<v Speaker 1>joining us on the phone from Miami, this is Bloomberg