In news sure to excite even the most melancholy of artificial intelligence-powered chatbots, mental health platform Woebot has closed its series B funding round with a whopping $90 million.
The funds will go toward building out Woebot’s AI technology and digital therapeutics, as well as the teams responsible for the development and commercialization of the platform. Woebot’s technology centers around the eponymous “digital therapist,” which uses conversational AI software to form therapeutic bonds with users as they discuss mental health issues.
From there, Woebot can administer digital therapies based on clinically validated techniques, including cognitive behavior therapy, dialectical behavior therapy and interpersonal psychotherapy … The recent deluge of funding catapults Woebot’s lifetime fundraising to $114 million, all directed toward combating the growing epidemic of mental illness in the U.S. and a lack of trained healthcare providers.
Woebot Health today announced it has closed a $90 million Series B funding round, bringing total investment in the company to $114 million. The round was co-led by existing investor JAZZ Venture Partners and Temasek with participation from funds and accounts managed by BlackRock Private Equity Partners and Owl Ventures. Additional participants include Mirae Asset Capital, Kicker Ventures, Alumni Ventures and Gaingels as well as existing investors NEA and AI Fund. Woebot Health will use the proceeds to accelerate further development of its relational platform and technologies, advance its lead digital therapeutic candidates, and expand its team and go-to-market activities to meet surging global demand for mental health care…
“The stress of the pandemic has made an existing mental health crisis even more alarming. We’re seeing this firsthand in adolescents in classrooms across the country and in adults who are reporting symptoms of anxiety and depression at a rate four times pre-pandemic levels,” said Ian Chiu, Managing Director at Owl Ventures.
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