Less than half a year after closing a $75 million raise, digital behavioral health benefits platform Lyra Health has wrapped up another $110 million in Series D funding, the company announced today.
The new round was led by Addition, and brought on Adams Street Partners alongside a slew of returning backers: Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, Tenaya Capital and former Starbucks CEO Howard Schultz.
With these investments, the company has raised its valuation to $1.1 billion, per Forbes.
WHAT IT DOES
Lyra’s platform matches employees and their dependents to mental healthcare professionals and personalized, evidence-based treatments.
The company's machine learning technology guides users through their encounters and provides 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 healthcare providers. The platform also 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.
Lyra is touting big numbers against the backdrop of COVID-19. The company said in its announcement that it has increased its eligible population by more than 800,000 to a total member population of over 1.5 million. It also highlighted new partnerships with large employers such as Morgan Stanley, Asurion and Zoom.
WHAT IT'S FOR
Lyra said the funds will help address new demand in the employee mental health market. It will also look to expand Lyra Blended Health, its video teletherapy service.
Outside of Lyra's prior round in March, 2020 has also seen digital employee behavioral health fundraises from London-based Unmind and Modern Health. Others active in the space include Unmind, Happify Health, Meru Health and Vida Health.
ON THE RECORD
“Lyra has developed the most comprehensive mental health benefits to address the full spectrum of employees’ needs, at a time when direct and immediate access to such care has never been more important," Kerry Chandler, chief human resources officer at Endeavor and new board member, said in a statement. "I’m thrilled to join as an independent board member to help the company fulfill its mission to provide the most effective care to millions."