Mental health startup Woebot Health announced on July 21st the raise of $90 million in a Series B funding round to boost its mental health chatbot to help deal with increasing mental health concerns around the world.
With the new funding, the startup has raised a total of $114 million since its foundation in 2017.
The Series B round was co-led by JAZZ Venture Partners and Temasek, which had already invested in the startup, with the participation of BlackRock Private Equity Partners, Owl Ventures, Mirae Asset Capital, Kicker Ventures, Alumni Ventures, and Gaingels.
The funding will be used to accelerate the development of the startup’s relational platform and technologies, while also advancing its lead digital therapeutic candidates and expanding its team.
The Covid19 pandemic had a negative impact on the mental health of people all around the globe, causing conditions like depression, anxiety, insomnia, and PTSD according to some studies.
Ian Chiu, Managing Director at Owl Ventures, referred to Woebot Health’s potential to help people under the current circumstances by commenting,
“The stress of the pandemic has made an existing mental health crisis even more alarming. We’re seeing this firsthand in adolescents in classrooms across the country and in adults who are reporting symptoms of anxiety and depression at a rate four times pre-pandemic levels. Woebot Health’s innovative technology has them well-positioned to serve the amplified global need for accessible mental health care. We are proud to support the company as it continues to scale and bring new digital therapies to market, helping people learn the strategies and interventions they need to improve their mental health.”
Founded in 2017, the startup has developed relational tools and technologies specifically tailored to the needs of the mental health industry.
By using Artificial Intelligence (AI), Woebot has created a chatbot that is able to create a human-level therapeutic bond with its users, facilitating access to therapy at a time when it is not only needed but it is also seen as taboo by some.