Mental health startup Lantern gets $17M to integrate with insurance plans

Lantern screens

Mental health startup Lantern has raised $17 million Series A round of funding led by the University of Pittsburgh Medical Center’s venture arm, UPMC Enterprises, with participation from previous investors such as Mayfield and SoftTechVC.

According to TechCrunch, the company will use the funds to integrate its service into employer insurance plans, so that employees can access Lantern as a benefit. This process will start with deployment of Lantern within the UPMC health system.

In addition, some of the funds will be allocated for research studies to show the economic proof that symptom reduction reduces employers’ health costs, hence directly benefiting their bottom line. Also, Lantern plans to launch a program around mood, as an addition to its programs on stress, anxiety and body image, and deepen its stress offering by differentiating between workplace stress and relationship stress.

The company does not want to replace therapies, but it definitely wants to help its clients feel better. It has 17 employees with plans to double in size by the end of the year.

Prior to this $17 million round, Lantern had raised $4.4 million.