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Parallel Raises $6.125M For Teletherapy Platform For Kids With Special Needs

parallel-raises-6-125m-for-teletherapy-platform-for-kids-with-special-needs

Schools in the United States face a growing challenge in finding teachers and specialists equipped to work with students with thinking and learning differences. Parallel Learning has stepped in to address this issue with its teletherapy platform designed to create individualized plans for K-12 students with special needs, and the company has just secured additional funding to support its expansion.

Key Takeaway

Parallel Learning secures additional funding to expand its teletherapy platform for K-12 students with special needs, addressing the shortage of behavioral and special education providers in the United States.

New Funding for Expansion and Product Development

Today, Parallel announced a new funding round of $6.125 million, led by Rethink Impact, a fund that focuses on supporting female and non-binary founders. This latest investment brings Parallel’s Series A total to $20 million, which will be utilized for expanding into new territories and developing new products. The company plans to use the funding to hire licensed providers in each new state of operation.

Impact and Growth

Founded in New York City three years ago, Parallel has experienced significant growth, particularly in the third quarter, where it saw a 200% increase in its provider network. This growth has allowed Parallel to work with four times the number of students across nearly 80 K-12 school districts, resulting in a fourfold increase in total revenue compared to the previous year.

Services and Mission

Parallel’s providers offer a range of services including speech-language pathology, specialized instruction, behavioral and mental health coaching, and executive function coaching for students. The company works closely with a school’s special education program to develop Individualized Education Programs (IEPs) for students with special needs.

Parallel’s founder and CEO, Diana Heldfond, has a personal connection to the mission of the company, having been diagnosed with ADHD and dyslexia at a young age. Her firsthand experience with the services provided by Parallel has driven her to make a meaningful impact in the lives of students facing similar challenges.

Addressing Challenges in Special Education

One of the main challenges Parallel addresses is the shortage of behavioral and special education providers for children. The company aims to alleviate this issue by partnering with K-12 public school districts and offering a menu of services tailored to their specific needs.

Enhancing Teletherapy for Kids

Parallel has worked with clinical publishers to incorporate learning materials, interactive games, and activities into its teletherapy sessions, catering to the needs of students with shorter attention spans. The company’s proprietary software also includes partnerships with curriculum publishers to track students’ progress on their IEPs and generate individual progress reports.

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