Bangalore, India-based mental health-focused AI platform Wysa raised USD 20 million in Series B funding. The round took place on July 14, 2022. HealthQuad and British International Investment (BII) co-led the financing for Wysa. Meanwhile, Existing investors, including US-based W Health Ventures, Kae Capital, Google Assistant Investments, and pi Ventures, among others, participated in the round.
Purpose of Funding by Wysa
The company seeks to use the recent proceeds to expand further in India, the US, the UK, and other global markets.
Wysa also plans to focus on providing wider usability through its multi-lingual support. Moreover, the mental health-driven firm intends to offer easier access through the instant messaging platform WhatsApp.
What the co-founder has to say
Ramakant Vempati, the co-founder of Wysa, said, “Wysa has not only been extremely successful as a consumer well-being platform but has also developed into a clinically validated, powerful tool to proactively manage mental health and well-being. Wysa meets people where they are, whether that means a little help with occasional workplace stress right up to coping with debilitating pain, depression and anxiety. With this funding, we look forward to scaling up further and helping millions of more people.”
What the investors have to say
Charles Antoine-Janssen, chief investment officer, HealthQuad, said, “Wysa is developed in India and is marketed globally. The needs for Wysa are present all across, from high-income to low-income countries. Mental health triaging of patients using AI, which is fast, effective and non-stigmatising for patients living in unaccepting societies, answers a huge need in India, the rest of low-income Asia, Africa, as well as the wealthiest countries of the world.”
In addition, Srini Nagarajan, managing director and head of Asia at BII, said, “Through our investment in Wysa, BII is taking a holistic approach to supporting long-term productive economic prosperity by backing an innovative tech-enabled company that is increasing access to mental health services for low-income and rural individuals.”
About Wysa
Jo Aggarwal and Ramakant Vempati set up Wysa in 2015. It is an AI-based platform where users with initial signs of mental health disorders open up about their problems. The platform then directs the user to seek professional help or other remedies if and when needed. Jo Aggarwal was also nominated for the ET Startup Awards in the “Woman Ahead” category 2021. Its clientele boast companies such as Accenture Global, Aetna International, NHS, Cincinnati Children’s Hospital Medical Centre, and the Ministry of Health in Singapore. The company enjoys a user base of 4.5 million across 65 countries.
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