Wysa, a mental healthcare startup that provides an artificial intelligence-based chatbot service, has raised $20 million in series B funding.Wyse is currently in use in the U.K. They plan to expand into the U.S. and India with the Venture Capital Funding.
Wysa's AI chatbot leads users through cognitive behavioral therapy tasks. The chatbot can refer users to crisis support or in-person mental health services. Wysa has about 4.5 million users, according to a July 14 news release.
Studies from the U.K. reveal it ranks in the 92nd percentile for excellence.
The artificial intelligence chatbot will add to the effectiveness of remote mental health treatment. It will offer services to user in a very cost-effecive way with little need for additional manpower. This will augment the already shortage of mental health workers. It has the potential to triage patients that need to be seen by a mental health professional. Globally, there is a huge demand-supply gap in the mental health space. One in eight people in the world live with a mental disorder, according to the World Health Organization. With high treatment cost and limited access to qualified therapists, employers, healthcare providers and insurers are seeking ways to help people manage their mental health and well-being through clinically proven, cost-effective and scalable solutions.
Wysa uses AI (Artificial Intelligence) to triage users according to their personal needs, guiding them through appropriate, evidence-based CBT (Cognitive Behavioral Therapy) exercises within the app, towards other mental health services or crisis support. Wysa’s platform provides employers and health services insights into usage rates of Wysa and digital well-being tools, while maintaining user privacy.
WYSA meets clinical validation standards
The device delivers cognitive behavioral therapy (CBT) via a smartphone-based conversational agent to reduce the symptoms of depression and anxiety, reduce pain interference, and improve physical function.
The designation follows an independent peer-reviewed clinical trial, published in JMIR, that found Wysa to be effective for managing chronic pain and associated depression and anxiety, which was found to be more effective than standard orthopedic care, and comparable to in-person psychological counseling.
“We’re thrilled to achieve this meaningful designation from the FDA and look forward to working closely with the Agency to continue the development of AI-based cognitive behavioral therapy,” said Jo Aggarwal, CEO, and co-founder of Wysa. “Our mission is to help those in need of support with an always-available platform, and during these challenging times it’s more crucial than ever to provide mental health options.”
The FDA Breakthrough Device program is designed to help accelerate the development and approval of medical devices and products that have the potential to provide more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions. The FDA designation of Wysa’s platform will enable Wysa to efficiently communicate with FDA’s experts through various program options, facilitating the development of the product prior to the premarket review phase.
About Wysa:
Wysa is a global leader in AI-driven mental health support, available both to individuals, through employer benefits programs and healthcare services. Wysa supports individuals with the help of an “emotionally intelligent” conversational agent which guides users through evidence-based cognitive-behavioral techniques (CBT), meditation, breathing and mindfulness exercises, as well as micro-actions to help build mental resilience skills. For employers, Wysa offers a workplace solution that caters to the full spectrum of behavioral health needs. This solution embeds into existing company benefits, such as Employee Assistance Programs (EAP) or external health care provider networks, and can be customized by geography or cohort. Currently, Wysa has facilitated over 400 million conversations with 4.5 million users in 65 countries. Wysa’s customers include Accenture Global, Aetna International, NHS, Cincinnati Children’s Hospital Medical Center, and the Ministry of Health in Singapore.
For more information visit www.wysa.io
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