Happify Health raises $73M to deepen partnerships with pharmaceutical companies and insurance payers

Happify Health raises $73M to expand its digital therapeutic care delivery capabilities (MobiHealth News):

Founded in 2012, Happify is best known for digital programs that provided automated self-guided support across various areas of mental health and wellness, such as stress management for employees or health plan members. Should the user need additional support, the platform can also facilitate a referral to third-party coaching, therapy, telemedicine or other available resources.

In more recent years the platform has expanded to address more than a dozen other chronic conditions, such as heart health and psoriasis, that can overlap with mental health conditions…

“Today, our platform covers more than 20 million lives, with more than 5 million individuals having received care through our platform,” said Tomer Ben-Kiki, cofounder and CEO of Happify, in a statement.

“We are also working with five leading pharmaceutical partners on digital therapeutic solutions and four out of the five national payers to help support their members’ mental health and chronic illness needs. We look forward to reaching an even bigger audience with the support of our new partners.”

The Announcement:

Happify Health Raises $73M to Advance and Expand Digital Health Platform (press release)

Happify Health, a global software-enabled healthcare platform to improve mental and physical health, today announced a $73 million capital raise through Series D and related financing to advance and expand the company’s healthcare platform, focused on digital therapeutics and patient care delivery. The investments were led by Deerfield Management Company and included participation from Omega Capital Partners, ION Crossover Partners, and existing investors.

The capital raised will support growth in key strategic areas across the entire platform, including expanding the Digital Therapeutics and Care Delivery solutions and pursuing global business development opportunities. The new funding will allow for an acceleration of the platform by helping further drive relationships with pharmaceutical companies through configurable digital therapeutics solutions and specialized solutions for enterprise and health plan customers. The capital will also help support additional investment into developing advances in Artificial Intelligence and Machine Learning-based models that power Anna, a software-based coach designed to support and engage individuals for several chronic conditions, most notably mental health.

News in Context:

  • Four trends accelerating mental health innovation in the COVID/ post-COVID era
  • Digital mental health start-up Koa Health raises €30M to accelerate growth in Europe and the US
  • Startup Big Health raises $39M to universalize access to cognitive behavioral therapy (CBT) for anxiety and poor sleep
  • The National Academy of Medicine (NAM) shares discussion paper to help empower 8 billion minds via the ethical adoption of digital mental health and neurotech
  • Three ways to protect your mental health during –and after– COVID-19

The post Happify Health raises $73M to deepen partnerships with pharmaceutical companies and insurance payers appeared first on SharpBrains.

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