Mental Therapy Startup Talkspace to Start Prescribing Medication, Report Says

New York-based online mental therapy startup Talkspace is set to begin prescribing medication, CNBC reported last week, citing Talkspace CEO Oren Frank.

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On Thursday, Talkspace announced it hired former UnitedHealth Group executives Neil Leibowitz to the role of chief medical officer. According to CNBC’s report, Mr. Leibowits was hired to lead the medical prescription program.

Founded by Israeli couple Roni and Oren Frank, Talkspace developed and operates web and mobile apps that connect users with licensed therapists, offering digital mental therapy plans through text messages or recorded voice and video messages, and charging $49-$79 per week.

According to CNBC, Talkspace's physicians will begin prescribing medication using the video chat to comply with state and federal regulations.

CNBC also reported that the company is considering a potential IPO.

Talkspace was established in 2012 and is based in New York. According to the company, more than a million people have already used its service. In September 2017, Talkspace raised $31 million in Series C funding from Japan’s Softbank and other investors, bringing its total equity funding raised to $60 million.