Woebot Health has secured a $90m funding in Series B round for its artificial intelligence (AI) based mental health platform.
Co-led by existing investors JAZZ Venture Partners and Temasek, the financing round saw participation from funds and accounts managed by BlackRock Private Equity Partners and Owl Ventures.
The round also included additional participants such as Mirae Asset Capital, Kicker Ventures, Alumni Ventures and Gaingels, as well as existing investors NEA and AI Fund.
Woebot Health will use the funds to boost further development of its relational platform and technologies and advance its digital therapeutic candidates.
The funds will also help the company to expand its team and go-to-market activities to meet the increasing global demand for mental health care.
Woebot Health CEO Michael Evers said: “We’re at a moment when mental health issues are front and center in a global conversation, and there’s incredible momentum to apply cutting-edge approaches to help solve real human problems.
“It’s gratifying that some of the world’s leading investment groups see the same potential for relational technologies to deeply engage people in their mental health at scale, and to transform care.”
Established in 2017, Woebot Health is engaged in the development of relational tools and technologies for mental health. Woebot, a relational agent, is the core to its AI-powered health platform.
Woebot is demonstrated to create a human-level therapeutic bond with users. It is said to translate proven therapeutic approaches into engaging, responsive and scalable software applications.
In May this year, the company secured breakthrough device designation from the US Food and Drug Administration (FDA) for its WB001 digital therapeutic to reduce the burden of postpartum depression,
During the same month, the company also announced a large-scale study which offered evidence that Woebot creates a therapeutic bond with users.
