Lyra Health has raised a $35 million Series A round led by Greylock Partners and Venrock. Also participating in the round were Castlight Health (existing investor), Providence Health & Services, Breyer Capital and Origin Capital Management.
Co-founded by former Facebook CFO David Ebersman, the company is developing a new technology that makes it easy for patients to find the best available care for mental health conditions and substance abuse. The new funds will be used to expand Lyra’s technology and clinical teams, as well as improve its sales and partnership efforts to make Lyra’s offering available to employers, health plans, and health care providers in the first quarter of 2016. The full commercial availability is slated for 2017.
“For too long, people suffering from depression, anxiety, and substance abuse have had to wander through a system that is extremely difficult to navigate,” said David Ebersman, Lyra Health’s co-founder and CEO. “Effective treatments exist that can help many patients, and our technology enables people to find the right care quickly and easily.”
The new funds will be used to expand Lyra’s technology and clinical teams, as well as improve its sales and partnership efforts.Lyra Health’s technology matches each patient with the best available mental health treatment based on the individual’s unique clinical needs and treatment preferences, evidence-based clinical guidelines, and the company’s understanding of provider capabilities. The technology also assesses treatment outcomes over time to ensure that each patient is getting better. And beyond technology, Lyra Health will connect each patient with a care manager who provides support throughout the care journey.
Over 50 million Americans suffer from mental health conditions or substance abuse. Yet only one in seven receives effective care. The result is tragic and unnecessary suffering for patients and their families, as well as billions in avoidable health care costs caused by poor management of these conditions.