Digital behavioral health company Lyra Health announced today that it has secured a $45 million Series B round of funding. Participants in the round included new investors Tenaya Capital, Glynn Capital, Crown Ventures, and Casdin Capital, as well as returning funders Greylock Partners, Venrock, and Providence Ventures.
According to a statement, the new funding will be put toward developing technology for improving patients’ treatment outcomes, and to expand the practice management tools available to therapists in Lyra’s network.
“Three years ago, Lyra set out to help people navigate a cumbersome, fragmented, and opaque mental health system and we’re proud of the impact we are making with our employer partners,” David Ebersman, CEO and cofounder of Lyra Health, said in a statement. “With this new funding, we look forward to creating technology-enabled experiences to deliver better, faster, and more personalized care.”
Lyra’s platform primarily serves to match patients to mental health care professionals and personalized, evidence-based treatments. Using machine learning, the technology guides users through their encounters and helps them choose the care that is most convenient for them, whether its in-person, through live video, or self-guided.
Along with pursuing employers as clients, the service also courts behavioral health providers with promises of “intelligent” client referrals, quick payments, and digital tools to manage their patients.
“Unfortunately, it’s not just hard for individuals to navigate the system. Therapists also face challenges in finding the right patients for their expertise and managing their practices. We’re building technology solutions that solve problems for both patients and therapists, and the feedback from each group has been incredibly positive,” Ebersman said.
Lyra Health was founded in 2015, and announced $35 million from investors later that same year.
According to the company, employer clients that offer Lyra’s product tend to see seven times the engagement rate of a traditional employee assistance program, as well as faster access to care and improved clinical outcomes. Other features of Lyra’s technology include online sign-ups, online appointment booking, and 24-7 care team support.
“Behavioral health is a massive problem that has yet to be solved and we’re excited about the success Lyra has had so far in addressing challenges for companies, patients, and providers alike,” Stewart Gollmer, a founder and managing director at Tenaya Capital, said in a statement.