Global AI-powered mental health platform Wysa has raised $5.5 million in a Series A round led by W Health Ventures, a Boston-based digital health investor.
The round also saw participation from Google Assistant Investment Program, and existing investors pi Ventures and Kae Capital.
Wysa stated it plans to utilize the funds to provide its offering to employers who want to increase their mental health benefits, as well as grow its sales team and therapist network.
The startup had earlier raised pre-Series A funding in 2019 led by pi Ventures, Kae Capital, and others. With the fresh infusion, the Boston and Bengaluru-based startup has raised nearly $9 million in funding to date.
Jo Aggarwal, Co-founder and CEO of Wysa said, “For the first time, employers use data to understand how the mental wellbeing of their employees is constantly changing, and how it compares against benchmarks. Today, every employer is looking for a solution that goes beyond traditional EAP. This investment allows us to bring the next generation of workforce wellbeing solutions to organizations across the country.”
Wysa’s internal data reveals that 60 percent of the working population struggles with negative thoughts, anxiety, isolation, or sleep issues. However, they try to improve their situation themselves rather than seeking clinical help. Wysa provides a clinically approved, responsive, and AI-guided safe space that listens like a person and scales like a product.
Dr. Pankaj Jethwani, Executive Vice President at W Health Ventures said, “As we enter the second year of the pandemic, many people are struggling and seeking mental health support. Wysa is an example of how technology is helping millions of people access everyday mental health support and self-care tools without being gated by a clinical diagnosis.”
Moez Kaderali, Programme Manager for the Google Assistant Investments Programme said, “Wysa’s explainable AI – combining natural language understanding with clinical assurance — helps everyone build skills to manage their mental health in the new normal.”
Currently, Wysa has enabled over 100 million conversations in 65 countries. It works with 20 enterprise partners and seven million employees globally, including Accenture Global, Aetna International, NHS, L’Oreal, Cincinnati Children’s Hospital Medical Center, and the Ministry of Health in Singapore.
Manish Singhal, Founding Partner, pi Ventures, said, “With mental health becoming another pandemic in the making globally, there is an acute shortage of qualified mental health professionals to take care of the growing demand. On the back of a disruptive AI engine trained for mental health conversations, Wysa brings an effective and cutting-edge approach to solve this problem on a global scale.”
Wysa has built an amazing platform to help people with their mental health especially in times like now when the pandemic is taking a huge mental toll on everyone. The platform seems to have great growth prospects benefitting several people across the world. My best wishes to the team of Wysa.Shishir Gupta, Founder and CEO, StartupLanes
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