Wysa has successfully raised $23.3 million over two funding rounds, positioning itself as a significant player in the mental health tech space. The platform leverages AI to provide mental health support, offering tools for mood tracking, mindfulness, and anxiety management.
Keep reading to delve into the details of Wysa's funding journey and the investors who are backing this innovative mental health platform.
What Is Wysa?
Wysa, founded by Ramakant Vempati and Jo Aggarwal, is an AI-driven mental health platform. Established in 2015, the company operates from Boston, London, and Bangalore Urban.
Wysa offers a chatbot that serves as a mood tracker, mindfulness coach, and anxiety helper, providing chat-based self-help techniques, meditation, and access to trained psychologists. The platform aims to make mental health support accessible and stigma-free.
With a team of 51-200 employees, Wysa has garnered over 3 million users worldwide and was recognized as the Google App of the Year in 2020.
How Much Funding Has Wysa Raised?
- Seed Round
- Amount Raised: $3,300,000
- Date: November 2015
- Lead Investors: Kae Capital, Chiranth Patil, Raghunandan G, Amit Gupta, Anuj Srivastava
- Motivation: To develop the Wysa platform.
- Previous Funding Round
- Amount Raised: $1,300,000
- Date: 2017
- Lead Investors: Kae Capital and other investors
- Motivation: To develop the Wysa platform.
- Pre-Series A Round
- Amount Raised: $2,150,000
- Date: June 2019
- Lead Investors: pi Ventures, Kae Capital
- Motivation: Expansion and technological infrastructure enhancement.
- Series A Round
- Amount Raised: $5,500,000
- Date: May 2021
- Lead Investors: W Health Ventures, Google Assistant Investment Program, pi Ventures, Kae Capital
- Motivation: To build the app with smooth Google integrations and explore voice-based experiences.
- Series B Round
- Amount Raised: $20,000,000
- Date: July 2022
- Lead Investors: HealthQuad, British International Investment (BII)
- Motivation: To expand its business, double down on its home market, the U.S., and the U.K., and to widen multilingual support.
Total Amount Raised: $32,250,000. Current Valuation: Not disclosed.
Key Investors
- HealthQuad
- Details: HealthQuad is a leading healthcare-focused venture capital fund. It aims to foster innovation in the healthcare sector by investing in early-stage companies.
- Investment Focus Areas: Digital health, healthcare innovations, medical devices
- Notable Investments: Medikabazaar, THB, HealthifyMe
- British International Investment (BII)
- Details: BII is the UK's development finance institution, supporting economic development in emerging markets. It focuses on creating jobs and building sustainable businesses.
- Investment Focus Areas: Development finance, economic prosperity, access to services for low-income individuals
- Notable Investments: M-KOPA, Greenlight Planet, d.light
- Amazon
- Details: Amazon is a global e-commerce and technology giant. It invests in various sectors through its venture capital arm, Amazon Alexa Fund.
- Investment Focus Areas: Digital assistants, AI technologies, e-commerce
- Notable Investments: Ecobee, Ring, Rachio
- Google
- Details: Google is a multinational technology company specializing in internet-related services and products. It invests through the Google Assistant Investment Program.
- Investment Focus Areas: AI, digital assistants, technology innovations
- Notable Investments: Algolia, Mobvoi, GoMoment
- pi Ventures
- Details: pi Ventures is a venture capital firm that focuses on early-stage investments in applied artificial intelligence, IoT, and blockchain startups.
- Investment Focus Areas: AI, IoT, blockchain
- Notable Investments: SwitchOn, FrontdeskAI, Locus
What's Next for Wysa?
Wysa's future looks promising as it aims to expand its services in the U.S. and U.K., leveraging its FDA and NHS approvals. The company plans to introduce multilingual support, enhancing accessibility for a broader audience. With 4.5 million users in 65 countries, the potential for growth is substantial, especially in enterprise solutions, which constitute 80% of its business.
Future fundraising opportunities are likely, given the growing demand for mental health services and the involvement of strategic investors like Amazon and Google. However, Wysa will need to navigate challenges such as ensuring user privacy, maintaining service quality, and meeting regulatory requirements across different markets.
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