Total amount raised
$23.3 Millions
Latest funding date
July, 2022
Location
Wysa has successfully raised funding through multiple rounds, attracting a diverse group of investors. The platform offers AI-driven mental health support, providing personalized care available 24/7.
Keep reading to explore the intricacies of Wysa's fundraising journey and the investors backing this innovative platform.
What Is Wysa?
Wysa, founded in 2015 by Jo Aggarwal and Ramakant Vempati, is a mental health wellness platform based in Bangalore, Karnataka, India. The company leverages AI to provide mental health support, offering personalized care that is accessible 24/7.
Wysa's services include an AI chatbot for early intervention, a library of evidence-based self-help tools, and messaging-based support from human therapists. The platform aims to make mental health support accessible to everyone, regardless of their location or situation.
With a team of 101-250 employees, Wysa continues to expand its reach, helping individuals manage their mental and emotional stress through innovative technology and professional support.
How Much Funding Has Wysa Raised?
- Seed Round
- Amount Raised: $400K
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the platform and validate the concept.
- Seed Round
- Amount Raised: $1.3M
- Date: July 2017
- Lead Investors: Kae Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and reach more users.
- Seed Round
- Amount Raised: ₹150M
- Date: June 2019
- Lead Investors: Pi Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the AI capabilities of the platform.
- Series A
- Amount Raised: $5.5M
- Date: March 2021
- Lead Investors: W Health Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the app with smooth Google integrations and explore voice-based experiences.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: DigitalHealth.London Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources for scaling in the UK market.
- Series B
- Amount Raised: $20M
- Date: July 2022
- Lead Investors: HealthQuad
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Wysa's presence in India, the US, and the UK, and to enhance multilingual support.
- Grant
- Amount Raised: $100K
- Date: May 2023
- Lead Investors: Zurich Insurance Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support specific projects or initiatives within the company.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: November 2023
- Lead Investors: Villgro
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and scale the platform's offerings.
Total Amount Raised: $27.3M
Current Valuation: Not publicly disclosed
Key Investors
- Villgro
- Details: Villgro is an early-stage social enterprise incubator based in India. They support innovative startups that aim to create a positive social impact.
- Investment Focus Areas: Healthcare, education, agriculture.
- Notable Investments: Biosense, Bempu, OneBreath.
- Zurich Insurance Group
- Details: Zurich Insurance Group is a global insurance company headquartered in Zurich, Switzerland. They offer a wide range of insurance products and services in more than 210 countries.
- Investment Focus Areas: Insurance, risk management, financial services.
- Notable Investments: CoverWallet, Bright Health, SafeBreach.
- HealthQuad
- Details: HealthQuad is a healthcare-focused venture capital fund. They invest in companies that aim to improve healthcare delivery and outcomes through innovative solutions.
- Investment Focus Areas: Healthcare delivery, diagnostics, digital health.
- Notable Investments: Medikabazaar, THB, Qure.ai.
- DigitalHealth.London Accelerator
- Details: DigitalHealth.London Accelerator is an accelerator program for digital health companies. They provide support to startups aiming to transform health and care through digital innovation.
- Investment Focus Areas: Digital health innovations.
- Notable Investments: Echo, Health Navigator, Cera.
- W Health Ventures
- Details: W Health Ventures is a venture capital firm focused on healthcare. They invest in early-stage companies that leverage technology to improve health outcomes.
- Investment Focus Areas: Healthcare technology, healthcare services.
- Notable Investments: Kintsugi, Jasper Health, Elektra Health.
What's Next for Wysa?
Wysa is poised to seize significant opportunities in the mental health sector, particularly by expanding into the U.S., U.K., and India. With a user base of 4.5 million across 65 countries, the platform aims to offer multilingual support and integrate with popular messaging services like WhatsApp. This expansion could potentially double its user base, addressing the mental health needs of diverse communities globally.
Future fundraising opportunities appear promising, given the growing demand for digital mental health solutions. Wysa's recent $20 million Series B round, led by HealthQuad, indicates strong investor confidence. Additional funding rounds could further scale operations and enhance product offerings, attracting global health and technology investors.
However, Wysa may face challenges such as competition from other mental health platforms, regulatory hurdles, and ensuring user privacy. Navigating these obstacles will be crucial as the company continues to grow and innovate in the digital mental health space.
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