AI-based Mental Health Platform Wysa Raises $20M Funding
Artificial intelligence (AI)-based mental health platform Wysa has raised $20 million in a Series B round from HealthQuad and British International Investment (BII).
The funding round also saw participation from existing investors, including US-based W Health Ventures, Kae Capital, Google Assistant Investments, and Pi Ventures.
As per the startup, the raised funds will be used to expand further in India, the US, and the UK, among other global markets. The startup will also provide wider usability through multi-lingual support.
Wysa | AI-driven Mental Health Platform
Founded by Jo Aggarwal and Ramakant Vempati in 2015, Wysa is an AI-enabled Life Coach for mental and emotional wellness.
The startup provides early intervention to users with initial signs of mental health disorders through 3 methods: an AI chatbot, a library of evidence-based self-help tools, and messaging-based support from human therapists. It then recommends if the user needs to seek professional help, among other remedies.
Speaking about the development, Charles Antoine-Janssen, Chief Investment Officer of HealthQuad,
“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.”
The startup claims to have seen its user base at least double in the last year. Presently, it claims to have a user base of 4.5 million across 65 countries. It also provides its services to firms including Colgate-Palmolive, Swiss Re, Accenture, the National Health Service (NHS) in the UK, and the Ministry of Health in Singapore.
The mental health platform competes with Juno Clinic, InnerHour, and Your Dost, among other platforms.