Parallel Learning, a New York-based digital health platform that provides a new way to test, diagnose, and empower students with learning and thinking differences, has raised $20 million to expand its services across the nation.
The Series A round was led by Tiger Global, with participation from Obvious Ventures, JAWS Ventures, and Vine Ventures. The new funding comes just five months after Parallel’s official launch and also raised $2.8 million in its seed round in December last year.
Founded in 2021 by Diana Heldfond, Parallel is an all-in-one digital platform that provides comprehensive psychological evaluations and support services for students with learning and thinking differences. The company employs qualified care providers to offer psychological evaluations, skill-based tutoring, executive function coaching, behavioral therapy as well as speech and language therapy. Parallel services begin within days, instead of the typical wait of months, cost a fraction of the price of traditional providers, and cut the average case time in half. The company’s services are available directly to families as well as to school districts.
Speaking about the platform, Diana Heldfond, Founder & CEO of Parallel Learning, said in a statement,
“Our mission is to work hand-in-hand with school districts and families to deliver the highest quality developmental services to students across the nation. With 20 percent of children challenged by learning and thinking differences, we’re committed to offering lasting, effective, and affordable solutions to help those students succeed in and out of the classroom.”
Parallel Learning plans to use the new funds to accelerate its national expansion to deliver an end-to-end suite of psychoeducational services for students. The company launched with services in New York and California and expanded to Illinois, Texas, and Florida earlier this year.
Jay Chen, Partner at Tiger Global, said,
“Parallel’s tech-enabled approach is solving the most pressing psychoeducational issues with extreme efficiency, scalability, and quality of care. By partnering with schools and families to not only assess students but also provide best-in-class ongoing support virtually, Parallel is building an end-to-end digital platform that delivers better outcomes at lower costs.”
Parallel said it has grown its revenue 50 percent every month on average since its launch. The company also claimed to have experienced 150 percent growth in its provider network since January with over 90 percent provider retention. Parallel also recently onboarded Susan Liu, former VP of Clinical Operations at online mental health platform Cerebral Inc., to serve as Chief Operating Officer, as well as Robert Stager, previously from Presence Learning and N2Y, to serve as Director of Educational Partnerships.