Wysa, a Bengaluru based AI-powered mental health platform, announced on Thursday that it raised USD 5.5 Million in Series A funding round. This round was led by W Health Ventures, a digital health investors firm, based in Boston.
Existing investors like pi Ventures and Kae Capital along with Google Assistant Investment programme participated in this funding round too.
The company says that the fund raised will be used to provide its offering to employers who are willing to increase their benefits of mental health, and scale up therapist network and sales team.
Last year in 2020, the company raised USD 9 Million in pre-Series A round which was led by piVentures, Kae Capitals and others. The company has gathered USD 9 Million from the funding round till now.
Words from the investors –
“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,” – Dr Pankaj Jethwani, Executive Vice President at W Health Ventures.
“Wysa’s explainable AI – combining natural language understanding with clinical assurance — helps everyone build skills to manage their mental health in the new normal,” – Moez Kaderali, Programme Manager for the Google Assistant Investments Programme.
“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.” – Manish Singhal, Founding Partner, pi Ventures.
About Wysa –
Wysa was founded and established in 2015 by Jo Aggarwal and Ramakant Vempati. It intends to provide cost efficient proactive behavioral health support to the customers who are having depression and chronic illness through multilingual chatbots, support systems, and context.
Currently, Wysa has facilitated more than 100 Million conversations in nearly 65 countries. It has seven million employees worldwide and works with 20 companies, some of the famous names among that list are L’Oreal, NHS, Aetna International, and Ministry of Health in Singapore.
Words from the CEO –
“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 organisations across the country,” – Wysa Co-founder and CEO Jo Aggarwal.
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