Mental Health Chatbot Wysa Raises $20 Million
Chatbots about mental health Wysa scored $20 million in a Series B funding round led by HealthQuad.
Other participants in the bull run include British International Investment (BII) and former investors W Health Ventures, Kae Capital, Google Assistant Investments and pi Ventures.
Series B comes more than a year after Wysa announced $5.5 million Series A fundraising. Launch is also recent received FDA Breakthrough Device Designation to use its chatbot with adults with chronic musculoskeletal pain as well as related depression and anxiety.
WHAT IT DOES
Wysa offers an AI chatbot that can guide users through cognitive behavioral therapy for concerns like low mood, anxiety, and stress. The startup’s employer offering also includes a self-care library of self-esteem, sleep and mindfulness exercises, as well as optional access to coaches Wysa’s people.
Wysa says the chatbot can also categorize users towards higher care, like a mental health professional or a crisis helpline, if a patient needs more support.
The startup plans to use the capital flow to expand globally, particularly in the US, UK and India. Series B will also support more languages, as well as access via the WhatsApp messaging service.
“Wysa has not only been hugely successful as a consumer healthcare platform, but has also evolved into a powerful, clinically validated tool for being proactive,” said co-founder Ramakant Vempati. mental health and wellness management”.
“Wysa meets people where they are, whether that means a little help in the sometimes stressful workplace, right away to deal with debilitating pain, depression and anxiety. With this funding, we look forward to scaling further and helping millions more.”
SNAPSHOT . MARKET
Another company that offers a mental health chatbot is Woebot Health, which recently scored $9.5 million investment from Leaps by Bayer. Woebot also plays a $90 million Series RED and its own landing Specify breakout device for digital therapy of postpartum depression by 2021.
However, there are other companies that offer health-related chatbots, including triage and navigation platforms. Ada Health and Babylon Health’s Symptom Checker.
However very fierce competition In the larger digital mental health space, the clinical sector continues to be a popular focus for investors. According to Rock Health’s latest digital health funding report, mental health startups raised $1.3 billion to the first half of 2022.