Wysa, the leading global artificial intelligence (AI)-powered mental health platform, during Mental Health Awareness Month, announced a $5.5 million Series A financing round led by W Health Ventures, a Boston-based digital health investor. Others participating in the round include the Google Assistant Investment program, and existing investors pi Ventures and Kae Capital. Wysa will use this capital to support its offering to employers who want to expand their mental health benefits, as well as scale up Wysa’s sales team and therapist network.
Wysa’s internal data shows that 60% of the working population falls into the “missing middle” of mental health. People struggle with negative thoughts, anxiety, isolation, or sleep issues, but they want to work on improving their situation themselves rather than seeking clinical support. Wysa lets them do just that. It offers a clinically approved, responsive, AI-guided safe space that listens like a person, and scales like a product.
Wysa is anonymous, secure, available 24/7 and, most importantly, effective. People open up to Wysa in just a few messages, and complete cognitive restructuring (CBT), acceptance and commitment therapy (ACT), dialectical behavior therapy (DBT), mindfulness and coaching exercises in just five to ten minutes. Over 90% of users say Wysa helps them feel better after just one session, and over 75% of users have more than five sessions.
Many large employers have some combination of mindfulness support and Employee Assistance Programs (EAP). However, it is hard to tell if this is helping employees, and even harder to tailor this to any specific concerns they may have, especially during the pandemic. Wysa customizes its support to employee needs, fits around existing resources, and gives employees complete anonymity as they work through their issues. In addition, for those who want to work through specific issues, Wysa offers daily support from a dedicated wellbeing coach. For organizations, Wysa maintains employee anonymity yet gives real-time population-level insights and benchmarks related to their employees’ mental wellbeing. It also broadens the base of people who access EAP, by engaging them early and guiding them to EAP resources when self-care is not enough.
For large organizations, such as Accenture and Aetna International, Wysa’s solution is unique in its ability to integrate with their existing resources. This year, as Accenture rolled out Wysa to 500,000 employees across 53 countries, wellbeing managers were able to access insights for each country and create custom pathways to in-country EAP and wellness resources.
Wysa’s HIPAA compliant platform has facilitated over 100 million conversations with more than 3 million users, and covers over 10 million lives in 65+ countries worldwide. It was also rated as the best app of 2020 by Google Play.
Wysa is a global leader in AI-driven mental health support, available both to individuals and through employer benefits programs. Wysa helps in dealing with stress, depression, and anxiety with the help of an “emotionally intelligent” bot, which uses evidence-based cognitive-behavioral techniques (CBT), meditation, breathing and mindfulness exercises, as well as micro-actions to help users build mental resilience skills. For employers, Wysa offers a workplace solution that caters to the full spectrum of mental health needs. This solution embeds into existing company benefits, such as Employee Assistance Programs (EAP) or external health care provider organization networks, and can be customized by geography or cohort. Currently, Wysa has facilitated over 100 million conversations in 65 countries across the globe. Wysa works with 20 enterprise partners and 7 million employees worldwide, with partners that include Accenture Global, Aetna International, NHS, L’Oreal, Cincinnati Children’s Hospital Medical Center, and the Ministry of Health in Singapore.
This was reported by Wysa, Inc. on May 20, 2021.