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The year 2020 has turned so many things upside down. We face extraordinary challenges that, on top of everything else, are taking a toll on our mental health. Employers have taken notice.
Over the past six months, we have experienced more interest than ever from employers looking to invest in better workforce mental health. We have also experienced a heightened sense of urgency. In a normal year, companies generally wait until Jan. 1 to launch new health care benefits. This year has been different. Many companies have decided their employees need better mental health services right now.
Lyra has adjusted our plans to meet this need. We have launched important new customers in as fast as two weeks. This year, we have doubled the number of people with access to Lyra’s unique mental health solution. We are proud to be able to provide so many people with effective treatment.
The current moment inspires us to do more for those struggling with mental health and substance abuse issues. We want more people to have easy access to treatment. We want more people to find quality care that is personalized to their needs and that leads to meaningful symptom improvement. We want more employers to take advantage of the flexibility in Lyra’s offering to meet their objectives in terms of cost and outcomes.
Today, we are pleased to share that we have secured $110 million in Series D funding. The round was led by Addition and also included Adams Street and our existing investors. We are grateful to be working with investors who agree that mental health is a tremendous opportunity and that the moment is acutely ripe for change.
This funding enables us to think bigger. It allows us to invest more in products like Lyra Blended Care, our enhanced teletherapy offering that pairs video therapy sessions with personalized digital tools based on Cognitive Behavioral Therapy (CBT). Peer-reviewed Lyra research published this summer demonstrated the effectiveness of Lyra Blended Care for clients with depression and anxiety. There is much more we can do with the platform, expanding to areas like alcohol use disorder, investing in additional tools to improve the care experience for clients and providers, and connecting more people with exceptional, culturally competent care.
We want to do more, to think bigger, and to move faster. We want to do this while remaining true to our core principles that we make the world better one person at a time and that our most important measure of success is our clinical outcomes, specifically the measurable improvement people feel after getting care.
I believe we will look back on 2020 as a turning point in our collective recognition that the mental health status quo is not good enough. Too many people in need don’t have easy access to potentially life-changing treatment.
Want to help Lyra accelerate the pace of change? Join us and let’s get to work.
If you’d like help connecting with a therapist, Lyra can assist you. You can get started today if Lyra is offered by your employer. Sign up now.