May 7, 2018, Burlingame, Calif. — Lyra Health, a digital health company focused on expanding access to effective mental health care for companies and their employees, today announced that it has closed a $45 million series B round of funding. New investors Tenaya Capital, Glynn Capital, Crown Ventures, and Casdin Capital, were joined by existing investors including Greylock Partners, Venrock, and Providence Ventures.
“Three years ago, Lyra set out to help people navigate a cumbersome, fragmented, and opaque mental health system and we’re proud of the impact we are making with our employer partners,” said David Ebersman, CEO and co-founder of Lyra Health. “With this new funding, we look forward to creating technology-enabled experiences to deliver better, faster, and more personalized care.”
The new capital will be used to develop technology that improves treatment outcomes for patients and to expand support for Lyra’s network of elite therapists with tools to better manage their practice.
Lyra Health — A new data-driven approach to employer-based mental health care
Accessing and receiving mental health care is notoriously challenging for many Americans today. Cost, social stigma, and navigating the mental health system make it daunting for individuals to get the care they need. In addition, only a small fraction of therapists in traditional health plans are practicing proven methods and accepting new patients. Lyra addresses these challenges by using technology to match people to high quality providers and treatments that are effective, convenient, and personalized to their needs. Lyra’s therapists only practice evidence based therapies, like Cognitive Behavioral Therapy (CBT), and are available for appointments in just a few days.
Using machine learning, sophisticated algorithms, and its curated network of providers, Lyra’s solution includes different care options that support the diverse needs of their customers’ workforce — in-person and live video therapy, coaching programs, and digital self-care apps. Lyra works with therapists who typically don’t participate in traditional health plan networks, and the company has built technology to help these providers streamline their practice and devote more time to care.
Companies that offer Lyra typically see engagement rates 7x higher than traditional employee assistance programs, faster access to care for their members, and improved clinical outcomes. Lyra offers convenient online sign-up, effortless online appointment booking, flexible care options, and 24/7 support from an expert care team dedicated to patient success.
“Unfortunately, it’s not just hard for individuals to navigate the system. Therapists also face challenges in finding the right patients for their expertise and managing their practices. We’re building technology solutions that solve problems for both patients and therapists, and the feedback from each group has been incredibly positive,” says Ebersman.
“Behavioral health is a massive problem that has yet to be solved and we’re excited about the success Lyra has had so far in addressing challenges for companies, patients, and providers alike,” says Stewart Gollmer, a founder and Managing Director with Tenaya Capital. Tenaya is an early-growth stage venture capital firm, which has invested in, among others, Doctor On Demand, Lyft, Optimizely, EventBrite, HubSpot, Kayak, and GoodData.
Lyra Health, a leading provider of innovative mental health benefits for more than 2 million U.S. employees and dependents, is transforming mental health care by creating a frictionless experience for members, providers, and employers. Using matching technology and an innovative digital platform, Lyra quickly connects companies and their employees — plus spouses and children — to world-class therapists, mental health coaches, and personalized medication prescribing. Leading employers partner with Lyra to deliver tailored, value-driven mental health benefits to their people. With Lyra, benefits leaders can offer employees fast, reliable access to providers who practice evidence-based mental health care treatments. For more information, visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter.