Wysa raises $20M from HealthQuad, British International Investment
, an artificial intelligence (AI)-based mental health platform, raised $20 million in a Series B round from HealthQuad and British International Investment (BII). Existing investors including US-based W Health Ventures, Kae Capital, Google Assistant Investments, and pi Ventures, among others, also participated in the round.
The mental health platform plans on using the funds to expand further in India, the US, and the UK, among other global markets. Wysa will also provide wider usability through multi-lingual support.
"Wysa is developed in India and is marketed globally. The needs for Wysa are present all across, from high-income to low-income countries. Mental health triaging of patients using AI which is fast, effective and non-stigmatising for patients living in unaccepting societies answers a huge need in India, the rest of low-income Asia, Africa as well as the wealthiest countries of the world,” said Charles Antoine-Janssen, Chief Investment Officer, HealthQuad.
Wysa Co-founders - Jo Aggarwal and Ramakant Vempati
Started in 2015 by Jo Aggarwal and Ramakant Vempati, Wysa is an AI-based platform, where users with initial signs of mental health disorders can come at talk to the bot. The platform then recommends if the user needs to seek professional help, among other remedies.
Wysa claims to have a user base of 4.5 million across 65 countries. The startup also provides its services to firms including Accenture, Colgate-Palmolive, Swiss Re, the National Health Service (NHS) in the UK, and the Ministry of Health in Singapore.
Mental health disorders are faced by a wide range of populations across India. But due to stigma and lack of therapists and psychiatrists, people continue to suffer. But the pandemic did help in bringing in more awareness and discussion around depression and anxiety, among other issues.
Wysa also claims to have seen its user base at least double in the last year.
The firm competes with Lightbox Ventures-backed InnerHour, Juno Clinic, and Your Dost, among other platforms.