Wysa secures $20 million to meet global mental health demand with AI Digital Therapeutics

BOSTON–(BUSINESS WIRE)–Wysa, the leading digital AI platform for mental health, today announced it has secured $20 million in funding. Wysa will use this capital to further expand into the US, UK, India and other global markets with enterprises, payers and providers, as well as improve usability through multilingual support and a easier access via WhatsApp. The round is led by HealthQuad, which together with British International Investment (BII), the UK’s development finance institution, joins previous investors W Health Ventures, Kae Capital, Google Assistant Investments and pi Ventures, among others.

Globally, there is a huge gap between supply and demand in mental health. According to the World Health Organization, one in eight people worldwide lives with a mental disorder. With high treatment costs and limited access to qualified therapists, employers, healthcare providers and insurers are looking for ways to help people manage their mental health and well-being through clinically-based solutions. proven, cost effective and scalable.

Wysa uses AI (artificial intelligence) to triage users based on their personal needs, guiding them through appropriate, evidence-based CBT (cognitive-behavioral therapy) exercises in the app, to other mental health or crisis support services. Wysa’s platform provides employers and health services with information on usage rates of Wysa and digital wellbeing tools, while maintaining user privacy.

Wysa has earned FDA Breakthrough Device Designation for its AI-powered digital mental health chatbot for adults diagnosed with chronic musculoskeletal pain and related depression and anxiety. Additionally, clinical trials have validated the benefits of Wysa efficiency and published peer-reviewed results show that the therapeutic emotional bonds formed by Wysa are equivalent human-therapist relationships. To date, the company has reached a revenue-generating user base of over 4.5 million people in 65 countries. Its clients include Accenture, Colgate-Palmolive, Aetna International, Swiss Re, the National Health Service (NHS) in the UK and the Department of Health in Singapore.

Charles Antoine-Janssen, Chief Investment Officer at HealthQuad, said: “We are delighted to be part of the Wysa team. Wysa is developed in India and marketed globally. Wysa’s needs are everywhere, from high-income to low-income countries. Mental health triage of patients using AI, which is fast, efficient and non-stigmatising for patients living in societies that do not accept them, meets a huge need in India, the rest of Asia low income, in Africa as well as in the richest countries of the world.

“Wysa provides support across the continuum of care – from first point of access to digital therapies and coaching alongside a clinician, to ongoing monitoring and routine management, democratizing access FDA Breakthrough Device Designation status, user privacy further validated by Mozilla, and real-time AI-CBT support make Wysa one of the few privacy-focused, personalized solutions and clinically validated, designed for global scale,” added Ajay Mahipal, Director of HealthQuad.

Srini Nagarajan, Managing Director and Head of Asia at British International Investment, added: “Good mental health is a crucial pillar for good physical health which, in turn, supports social and economic development. Through our investment in Wysa, BII is taking a holistic approach to supporting long-term productive economic prosperity by supporting an innovative technology company that improves access to mental health services for low-income and rural people. We are excited to continue working with the Wysa team to grow their offering and help improve people’s health outcomes and quality of life.

Ramakant Vempati, co-founder, wysa, said, “Wysa has not only been hugely successful as a consumer wellness platform, but has also become a powerful, clinically validated tool for proactively managing mental health and wellbeing. Wysa meets people where they are, whether that means helping with the occasional stress at work, to coping with debilitating pain, depression and anxiety. With this funding, we look forward to growing further and helping millions more people. »

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About HealthQuad:

HealthQuad is India’s first venture capital fund focused on digital health, with assets under management of $200 million across two funds. Its goal is to develop innovative models that radically improve healthcare access and affordability by leveraging technology.

Charles-Antoine Janssen is Chief Investment Officer at HealthQuad and Co-Founder and Managing Partner of KOIS SA, a global impact investment firm. HealthQuad is a joint venture between KOIS SA and Quadria Capital, which focuses exclusively on the Indian health technology market. Charles-Antoine has over 26 years of industry experience and is a seasoned impact investor focused on access to healthcare. His vision to develop innovative models that can transform healthcare is in perfect alignment with Wysa’s vision to use AI and make quality healthcare accessible to everyone.

Charles-Antoine sits on the board of directors of Medikabazaar, THB, Lilac Insights, TC4AI, Regency Hospitals, GoJob, the Climate School and Potential Project and on the advisory board of Lighthouse (India PE fund) and Quadria (Asia Healthcare PE fund). He is also a member of the board of directors and of the audit committee of UCB, as well as a member of the board of directors of Tubize (listed reference shareholder of UCB).

About British International Investment (BII):

British International Investment is the new name for the UK’s development finance institution and was previously known as CDC Group. BII is a trusted investment partner for businesses in Africa, Asia and the Caribbean. It invests between £1.5-2 billion each year to support the UK Government’s Clean Green Initiative and to create productive, sustainable and inclusive economies in our markets. British International Investment plays a key role in the UK Government’s broader plans to mobilize up to £8bn a year of public and private sector investment in international projects by 2025.

Over the next five years, at least 30% of BII’s total new commitments by value will be dedicated to climate finance. This will make it one of the world’s largest climate investors in Africa. BII is also a founding member of the 2X challenge which raised $10 billion to empower women’s economic development. The firm has investments in over 1,300 companies in emerging economies and total assets of £7.7 billion.

For more information visit: www.bii.co.uk

About Wysa:

Wysa is a global leader in AI-powered mental health support, available both for individuals, through employer benefits programs and health services. Wysa supports individuals with an “emotionally intelligent” chatbot that guides users through evidence-based cognitive-behavioral techniques (CBT), meditation, breathing and mindfulness exercises, as well as micro-actions to help develop mental resilience skills. For employers, Wysa offers a workplace solution that meets all behavioral health needs. This solution integrates with existing company benefits, such as employee assistance programs (EAPs) or external healthcare provider networks, and can be customized by geography or cohort. Currently, Wysa has facilitated over 400 million conversations with 4.5 million users in 65 countries. Wysa’s clients include Accenture Global, Aetna International, NHS, Cincinnati Children’s Hospital Medical Center and the Singapore Department of Health.

For more information, visit www.wysa.com

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