Total amount raised
$123.3 Millions
Latest funding date
03/01/2022
Location
Woebot Health has successfully raised significant funding to advance its mission of making mental health support radically accessible through chat-based AI wellness tools. The company emphasizes forming meaningful relationships to achieve great mental health outcomes.
Keep reading to explore the intricacies of Woebot Health's fundraising journey and the investors backing this innovative platform.
What Is Woebot Health?
Woebot Health, founded in 2017 by clinical research psychologist Dr. Alison Darcy, is a pioneering company in the digital health industry. The company focuses on making mental health support radically accessible through chat-based AI wellness tools.
Woebot Health emphasizes empathy and rigor in its approach to mental health care, aiming to address the shortcomings of the current mental health care system. The company has been recognized in Newsweek’s list of the World’s Best Digital Health Companies, and its founder has been named to the 2023 TIME100 AI List.
How Much Funding Has Woebot Health Raised?
- Round Name: Series A
- Amount Raised: $22.8M
- Date: March 2018
- Lead Investors: AI Fund, New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and enhance Woebot Health's digital mental health solutions.
- Round Name: Venture Round
- Amount Raised: $1M
- Date: December 2020
- Lead Investors: Social Discovery Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Woebot Health's AI-powered behavioral health platform.
- Round Name: Series B
- Amount Raised: $90M
- Date: July 2021
- Lead Investors: Jazz Venture Partners, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand and enhance Woebot Health's digital mental health solutions.
- Round Name: Venture Round
- Amount Raised: $9.5M
- Date: March 2022
- Lead Investors: Leaps by Bayer
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of Woebot Health's AI-powered behavioral health platform and products.
Total Amount Raised: $123.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Leaps by Bayer
- Details: Leaps by Bayer is the impact investment arm of Bayer AG, focused on advancing technologies that address significant global challenges in health and agriculture. This investment in Woebot Health marks their first foray into the mental health sector.
- Investment Focus Areas: Health, agriculture, pioneering solutions for continuous care.
- Notable Investments: Woebot Health.
- Jazz Venture Partners
- Details: Jazz Venture Partners is a venture capital firm that invests in companies at the intersection of technology and neuroscience. They focus on human performance and cognitive enhancement.
- Investment Focus Areas: Technology, neuroscience, human performance.
- Notable Investments: Halo Neuroscience, MindMaze, Pear Therapeutics.
- Temasek Holdings
- Details: Temasek Holdings is a global investment company headquartered in Singapore. They focus on delivering sustainable long-term returns.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials.
- Notable Investments: Alibaba Group, Gojek, Moderna.
- AI Fund
- Details: AI Fund is a venture capital firm that focuses on building and investing in artificial intelligence companies. They aim to solve significant problems using AI technologies.
- Investment Focus Areas: Artificial intelligence, machine learning, technology.
- Notable Investments: Landing AI, Workera, TruEra.
- New Enterprise Associates
- Details: New Enterprise Associates (NEA) is one of the world's largest venture capital firms. They invest in technology and healthcare companies at all stages of growth.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Coursera, Robinhood, 23andMe.
What's Next for Woebot Health?
Woebot Health stands at the cusp of significant growth, bolstered by a $9.5 million investment from Leaps by Bayer. This funding will accelerate the development of its AI-powered behavioral health platform, opening doors to new collaborations and market expansions. The partnership with Bayer Pharmaceuticals through the G4A Digital Health Partnerships Program further underscores the potential for integrated care solutions in mental health.
Future fundraising opportunities appear promising, given the substantial backing from Bayer and previous successful rounds. Woebot Health is well-positioned to attract additional investments from venture capital firms and strategic partners interested in digital health innovations. However, the company must navigate challenges such as competition in the digital health space, regulatory compliance, and ensuring the efficacy of its AI solutions.
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