Digital health startup Lyra Health raises $200M in funding to transform mental health care
The pandemic has led to the rise in the global mental health crisis. Today, around one in five of the world’s young people have a mental health condition. Over the past year, we’ve been using our platform to bring attention to the issue of mental health. In addition, Mental Health Awareness Month has been observed in May in the United States since 1949.
As the crisis deepens, so are the number of innovative tech startups stepping up to the plate to help people with mental issues. One of the leading startups in this space is Lyra Health, a Burlingame, California-based digital health startup that provides comprehensive mental health care benefits for more than 2.2 million global employees and dependents.
Today, Lyra Health announced it has closed $200 million in funding to accelerate its delivery of evidence-based mental health benefits for companies with employees located around the world. Lyra separately announced today new plans to enhance its international solutions. The round was led by Coatue, with participation from new investor Sands Capital, along with existing investors.
Founded in 2015 by Dena Bravata and David Ebersman, Lyra is a woman-founded startup that helps companies improve access to effective mental health care for their employees. Lyra delivers mental health for employees and family members at leading multinational companies, including eBay; Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals. Lyra currently serves more than 2.2 million members globally.
Unlike other mental health solutions, Lyra provides evidence-based care that supports people across all facets of mental health, from wellness and preventive care to the most severe conditions. Lyra’s innovative Blended Care Therapy pairs video counseling sessions, one-to-one messaging, and digital activities prescribed by the provider to support individuals in their everyday lives. Based on Cognitive Behavioral Therapy principles, this immersive treatment model with ongoing support between sessions helps individuals improve faster. Lyra’s curated network includes more than 5,000 coaches, therapists, and doctors in the U.S., with an additional 85,000 providers available worldwide through global partnerships.
A peer-reviewed study found Lyra’s Blended Care Therapy helped 83% of participants improve or recover from anxiety or depression. Comparatively, just 24% of people who receive care through traditional health plans demonstrate reliable clinical improvement.
“One in five people struggle with mental health challenges such as anxiety, depression, or substance use disorder,” said David Ebersman, Lyra Health CEO and co-founder. “Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive global solutions.”