Therapy startup Talkspace raises $9.5M Series A

TalkSpace

Therapy startup Talkspace has raised a $9.5 million Series A round led by Spark Capital, with participation from SoftBank – TechCrunch is reporting. The company offers web and mobile apps that connect users with mental health professionals, all while trying to remove much of the friction and stigma associated with seeing a therapist. Additionally, the service aims to make it easier for users to find the right therapist by relying on data and analysis. This process, powered by IBM’s Watson, uses semantic analysis to gain insights about a user’s personality, thinking style and emotional stress to determine the correct therapist to work with a patient.

Also, Talkspace doesn’t offer video visits but text-based communication. By paying a flat fee per week or per month, users can send as many messages as they wish and receive feedback and guidance in return.

When it comes to therapists, they get to benefit from Talkspace by being able to serve multiple clients, without having to deal with the hassle of filling out paperwork for insurance companies, or renting out office space. Furthermore, the platform provides tools for therapists to communicate with each other and get support. Right now, there are more than 250 certified therapists using Talkspace.

The fresh capital will go towards expand the company’s tech team and improving the technology. Previously, Talkspace had raised $3.5 million from Spark Capital, SoftBank and Metamorphic Ventures.