Lyra Health, maker of a digital benefits platform focused on behavioral health, announced today that it is adding $75 million in Series C funding to the roughly $100 million it had raised previously.
The new investments were headed by IVP, with additional support coming from new backer Meritech Capital Partners and prior investors Casdin Capital, Crown Venture Fund, Glynn Capital, Greylock Partners, Providence Ventures, Tenaya Capital and Venrock.
WHAT THEY DO
Lyra’s platform primarily serves to match employees and their dependents to mental health care professionals and personalized, evidence-based treatments. Using machine learning, the technology guides users through their encounters and provides the personalized care suggestions that are most convenient for them, such as in-person or live video sessions with the company's curated network of mental health care providers. The platform also supports looks to drive engagement between sessions with digital cognitive behavioral therapy (CBT) lessons and skills exercises, as well as with routine assessments to track treatment and recovery progress.
“At a time when the prevalence of mental illness is surging, it is imperative that we invest in new solutions to tackle stigma, improve access and quality, and remove barriers to care," David Ebersman, founder and CEO of Lyra Health, said in a statement. "We are excited to use this funding to help even more employers step up to this challenge,”
The company's preceding fund raise came in May of 2018 to the tune of $45 million.
WHAT IT'S FOR
Lyra Health plans "to use these funds to expand its platform technology and network of evidence-based mental health providers so they can support even more employers in providing innovative, high-quality mental health care benefits," a representative of the company told MobiHealthNews.
It's only been a couple of months since Modern Health, another employer-focused mental health startup, announced a $31 Series B round for its personalized platform. Other names in the space serving this market include Unmind, Happify Health, Meru Health and Vida Health.
ON THE RECORD
“Lyra Health is tackling the pervasive issue of mental health in the workplace with a proven approach that effectively blends technology with personalized therapy,” Somesh Dash, general partner at IVP, said in a statement. “Considering the complexities and challenges associated with mental health care today – especially for employers – we need to embrace new approaches to care that are laser-focused on quality, evidence, and measurable member improvement. Lyra Health does just that, and we are proud to partner closely with them on their journey to transform mental health care.”