Wysa, an artificial intelligence-powered mental health platform, on Thursday, said it has raised USD 5.5 million (over Rs 40 crore) in funding, led by Boston-based W Health Ventures.
The series A round also saw participation from the Google Assistant Investment Programme, and existing investors pi Ventures and Kae Capital, a statement said. Wysa will use this capital to expand its enterprise customer base and scaling up its sales team and therapist network, it added. To date, the startup has raised close to USD 9 million (about Rs 65.7 crore) in funding.
The company currently has 60 therapists and plans to expand this to 80-100 by end of this year.
‘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…This investment allows us to bring the next generation of workforce well-being solutions to organizations across the country,’ Wysa co-founder and Chief Executive Officer Jo Aggarwal said.
Wysa’s HIPAA compliant platform has facilitated over 100 million conversations with more than 3 million users.
Wysa’s internal data shows that 60 percent of the working population struggle with negative thoughts, anxiety, isolation, or sleep issues, but they prefer to improve their situation themselves rather than seeking clinical support.
Wysa offers a responsive, AI-guided safe space that listens like a person, the statement said. For organizations, Wysa customizes its support to employee needs with complete anonymity, and also gives real-time population-level insights related to their employees’ mental wellbeing. In addition, Wysa offers daily support from a dedicated wellbeing coach.
Moez Kaderali, program manager for the Google Assistant Investments Program, said the programme was launched in 2018 for early-stage startups that share a passion for the digital assistant ecosystem, helping to push new ideas forward and advance the possibilities of what digital assistants can do.
‘In the post-COVID world, managing our mental health is no longer a medical issue, but a part of everyone’s daily routine. We all need a space to vent, to feel heard, and to learn to manage negative thoughts, sleep, and anxiety,” Kaderali added.