Lyra Health, a California-based mental health startup, raised $75 million from venture capital firm Institutional Venture Partners (IVP) and others on Wednesday.
The mission of Lyra is to transform mental health care through technology and human touch. It helps people to feel emotionally healthy at home, as well as at work.
The company sells its technology-based mental health platform to employers such as AMGEN, eBay, Uber, Genentech, NetApp, and Service Now.
The service offered by Lyra connects employees with care providers such as mental health coaches and psychiatrists.
Lyra CEO David Ebersman said the company offers a way to get psychological care that “doesn’t feel slow and difficult.” He said people who take the service are able to see the difference in their workforce.
Ebersman, who previously served as a chief executive at Facebook and Genentech, said, “We believe here that mental health is one of the defining problems of our time.”
“I think what we’ve discovered is employers are really ready to invest in mental health-care solutions,” he added.
Lyra helped more than 40,000 people find mental health care in 2019. It now has about 35 corporate customers, according to Ebersman.
The company expects to bring in more than $100 million in revenue this year.
Ebersman explained that the company plans to use the “latest infusion of capital to expand its reach, network of providers and technology platform.”
According to PitchBook, Lyra previously raised nearly $100 million and was valued at about $241 million. The mental health startup declined to provide its current valuation. The article appeared online on Bloomberg.
