IT platform for mental health therapy Wysa has raised USD 20 million (about Rs 160 crore) in a funding round led by HealthQuad, the company said on Thursday.
Wysa plans to use the capital to expand into the US, the UK, India and other global markets across enterprises, payors, providers as well as improve wider usability through multi-lingual support and easier access via WhatsApp. The UK’s development finance institution British International Investment (BII) also participated in the funding round. Existing investors of the start-up include W Health Ventures, Kae Capital, Google Assistant Investments, and pi Ventures amongst others.
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The firm provides an AI-enabled conversation platform to support users and in the second level provide access to high-level techniques with human support. Wysa in the third level provides solutions for clinical trials. “The funding that we are raising is to scale up the first and second layer and build out the third level,” Wysa co-founder Ramakant Vempati said. The start-up at present has 4.5 million revenue-generating users across 65 countries.
The company Wysa has achieved FDA Breakthrough device designation for its AI-based digital mental health conversational agent for adults with a diagnosis of chronic musculoskeletal pain and associated depression and anxiety. Wysa clients include Accenture, Colgate-Palmolive, Aetna International, Swiss Re, the National Health Service (NHS) in the UK, and the Ministry of Health in Singapore.