To test, identify, and equip kids with cognitive and learning challenges, Parallel Learning (Parallel), a digital health platform, today announced the closing of a $20 million Series A round of fundraising and the growth of its offering of teletherapy services. Tiger Global served as the lead investor in this round, with participation also coming from Obvious Ventures, Barry Sternlich’s JAWS, and Vine Ventures, a preexisting investment. The company has already collected a total of $22.8M in the capital, only five months after its official launch, and $2.8M in prior fundraising. The additional funding will be utilized to hasten Parallel’s nationwide expansion and provide pupils with a full range of psychoeducational services. Outside the introductory psychiatric assessments, Parallel provides continuous support for students through executive function coaching, skill-based mentoring, behavioral therapy, speech and language therapy, and executive function training. As part of the company’s corporate solution, they offer services to school districts as well as to households individually.
Instead of the usual waiting period of months, services with Parallel start right away and are considerably less expensive. Compared to conventional care options, Parallel provides specialized treatment at a faster, more convenient, and more reasonable cost. The business works with certified speech therapists, mental health therapists, psychologists, learning specialists, and learning specialists in every state, and connects pupils with professionals depending on their referral concerns and needed services. After the initial assessment, a student will be connected with a care team that has been appointed particularly to make sure the student receives all suggested services.
Diana Heldfond, the founder and CEO of Parallel Learning, stated, “Our objective is to work closely with school districts and families to give the greatest quality developmental services to youngsters across the nation. “With 20% of children experiencing difficulties with learning and cognitive disabilities, we’re determined to provide these students with long-lasting, cost-effective solutions that will enable them to excel both inside and beyond the classroom.”
Since its start, Parallel has increased its revenue by an average of 50% per month. Since January, the company’s provider network has grown by 150 percent, and over 90 percent of those providers are still with the company.
One of the most significant problems facing the American educational system is the dearth of qualified teachers and the difficulty in providing access to kids who require behavioral support. Parallel has been a pioneer in providing support to the major school districts in the country.