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Lyra currently serves more than 2.2 million members globally. Chris Metinko. For more information about Lyra Healths innovative mental health benefits for employers, visit lyrahealth.com. Seed: Venrock: Seed: Providence Health & Services: Series A: Origin Capital Management . Solutions. Copyright 2023 CB Information Services, Inc. All rights reserved. Lyra is trusted by leading companies, including Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals. Some of these valuations are beyond appropriate given the underlying fundamentals, Suennen says. 2015. Spring Health was founded in 2016 and is based in New York,New York. Description. I hope that the interest in mental health is now persistent, Suennen says. You're more than your latest funding, tell our customers your company's story. U.S. Industry Overview & Market Statistics: INDEPENDENT SCHOOL GROUP LIFE & DISABILITY TRUST, Complete list of funding rounds and total amounts in the, EBIT (Earnings Before Interest and Taxes), Revenue from previous years (2010 to present), Funding from Venture Capital and Private Equity firms, Additional industries in which the company operates, What is the company's size? Spring Health provides personalized mental healthcare for employees' well-being. Contact:Kaitlin Rebella[emailprotected] (248) 318-4303, Cision Distribution 888-776-0942 Coatue Management, Dragoneer Investment Group, and Salesforce Ventures, Coatue Management, Institutional Venture Partners, Sands Capital, and Undisclosed Investors, Addition, Baillie Gifford & Co., Durable Capital Partners, Fidelity Investments, Institutional Venture Partners, Sands Capital, and Undisclosed Investors. Claim your profile to get in front of buyers, investors, and analysts. Note: Lyra Health's revenues are gauged from an analysis of company filings. Several VC-backed companies also employ mental health coaches. These people cant diagnose or treat clinical conditions but are supposed to help users who are dealing with stressors in their jobs or relationships before they spiral. And that's not unique to mental health, thats digital health across the board right now.. Pricing. Around one in four Americans dont have access to in-network therapists, according to the National Alliance on Mental Illness. Contact:Dyani Vanderhorst[emailprotected]m (650) 240-3240, Cision Distribution 888-776-0942 Last August, the company cemented its . Company appoints Robynne Sisco to Board of Directors. This financing will enable Lyra to further expand its investments in pioneering tech-enabled mental health care, a growing and diverse provider network, and new partnerships to support the world's largest global organizations. The additional funds bring its total amount raised to more than $480 million and the company valuation to approximately $2.3 billion, according to a Lyra spokesperson. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Innovative, Clinically Proven Mental Health Care for Members WorldwideLyra provides evidence-based care that supports people across all facets of mental health, from wellness and preventive care to the most severe conditions. Lyra Blended Care is scalable and extensible, leveraging technology to deliver better care quality and clinical outcomes, while reducing the cost of care. Lyra Health's latest post-money valuation is from January 2022. With this additional capital, Lyra will have the opportunity to further distinguish itself as the leader in mental health domestically and expand internationally to address a global need.. Lyra separately announced today it has acquired ICAS World, an employee assistance program provider with operations in more than 155 countries. LianBio collaborates with world-class partners across a diverse array of therapeutic and geographic areas to build out a pipeline based on disease relevance and the ability to impact patients with transformative mechanisms and precision-based therapeutics. Theres no slowdown in sight, with funding in the first quarter of 2021 topping $795 million as startups continue to jockey for post-pandemic market dominance. In her distinguished career, Sisco has held senior finance roles at VMware, VeriSign, and Oracle and she brings to Lyra more than 30 years of experience in corporate finance, accounting operations, investor relations, legal, and procurement. The Series F was led by Coatue and values the company at an astounding $4.6 billion. Transforming Access to Mental Health Care Around the WorldNearly 1 billion people worldwide suffer from a mental health disorder, yet more than 70% of people don't have access to the care they need. It was founded in 2012 and is based in New York, New York. For more information, visit lyrahealth.com and follow us on LinkedIn, Facebook, and Twitter. Thats due to a combination of stigma, cost and access issues, coupled with a growing shortage of mental health providers. LYR-210 is an anti-inflammatory, intra-nasal drug matrix in late-stage development that is designed to treat chronic rhinosinusitis (CRS), a debilitating inflammatory disease of the nasal passages. CBI websites generally use certain cookies to enable better interactions with our sites and services. The latest fundraising was led by investor hedge fund Coatue Management, with participation from new investor Sands Capital. Lyra's curated network includes more than 5,000 coaches, therapists, and doctors in the U.S., with an additional 85,000 providers available worldwide through global partnerships. In her distinguished career, Sisco has held senior finance roles at VMware, VeriSign, and Oracle and she brings to Lyra more than 30 years of experience in corporate finance, accounting operations, investor relations, legal, and procurement. (Annual sales and employees). Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive, global solutions.. Lyras innovative Blended Care Therapy pairs video counseling sessions, one-to-one messaging, and digital activities prescribed by the provider to support individuals in their everyday lives. Start Free Trial . Before the pandemic, it was already estimated that less than half of adults and children living with mental health conditions in the U.S. went without any treatment. Join us for Breakthrough, Lyras annual mental health conference, in San Francisco. kathryn@theyatesnetwork.com 22 Shares. Lyra Health doubles customers, expands to serve more than 2 million members. Dragoneer is a growth-oriented investment firm with over $25 billion in long-duration capital. All rights reserved. Edit Investors Section. San Francisco-based 6sense closed a $200 million Series E co-led by new investors Blue Owl and MSD Partners at a $5.2 billion valuation . Lyra delivers mental health for employees and family members at leading multinational companies, including eBay; Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals. Lyra Health has raised a total of $910.1M in funding over 8 rounds. Jan 28, 2021, 08:00 ET. Developer of a digital health platform designed to transform mental health care through technology along with the human touch. Lyra Health has 36 investors including Castlight Health, Providence, Castlight Health and Venrock Associates. Based on Cognitive Behavioral Therapy principles, this immersive treatment model with ongoing support between sessions helps individuals improve faster. Celebrity endorsements, like Olympic swimmer Michael Phelps campaign with virtual therapy startup Talkspace, started to chip away at the long standing stigma, while mindfulness apps like Calm offered meditation sessions at the click of a button. Twill provides digital therapeutics and care delivery models focused on mental and physical health. With Lyra, benefits leaders can offer employees fast, reliable access to providers who practice evidence-based mental health care treatments. Lyra's approach to mental health care has been proven to help members improve or recover faster and reduce medical claims costs for employers. With this additional capital, Lyra will have the opportunity to further distinguish itself as the leader in mental health domestically and expand internationally to address a global need.". January 19, 2022 08:00 AM EDT, BURLINGAME, Calif. Lyra Health, the leading provider of innovative Workforce Mental Health solutions for employers, today announced it has completed a $235M financing.Dragoneer led the round and was joined by new investor Salesforce Ventures along with existing investor Coatue. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. The publication initially broke the news back in May, according to two people familiar with the deal. The firms track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Their latest acquisition was ICAS World on January 19, 2022. Dr. . Many mental health providers choose to operate out of insurance networks, since the reimbursement rates are so low. Calm offers a free app but also has a paid subscription offering which provides customers with access to a full library of meditation, music and sleep content. Win whats next. Lyra delivers clinically proven mental health care for employees and family members across all facets of mental health, from wellness and preventive care to the most severe conditions. Lyra Health is getting attention because of its . With the new funding, Lyra plans to accelerate its delivery of evidence-based mental health benefits for companies with employees located around the world. 212-600-1902 The funding surge feels very fad-like right now, which concerns me, as do the ballooning valuations. and our Code of Business Conduct and Ethics in the "Governance" section of the "Investors & News" page of our website located at www . LianBios mission is to catalyze the development and accelerate availability of paradigm-shifting medicines to patients in Greater China and other major Asian markets through partnerships that provide access to the best science-driven therapeutic discoveries. Lyras curated network includes more than 5,000 coaches, therapists, and doctors in the U.S., with an additional 85,000 providers available worldwide through global partnerships. Sign up for a free trial to see Lyra Health's valuations in January 2022, January 2021, August 2020 and more. Intrepid investors started dabbling in mental healthcare over the past few years as part of a broader digital health funding boom, but many remained wary. The digital behavioral-health-benefits platform Lyra Health announced today the closing of its Series E funding round worth $187 million. Elizabeth Anderson, VP Communications and Investor Relations You can access direct insights and strategies from . . None of the information on this page has been provided or approved by Lyra Health. In 2019, around 11% of U.S. adults reported experiencing symptoms of anxiety or depression, which skyrocketed to 42% by December 2020. The startups take different approaches to connecting users with mental health services. Argot Partners These and other important factors discussed under the caption Risk Factors in the companys Annual Report on Form 10-Q filed with the SEC on May 11, 2021 and its other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. . View Lyra Health (www.lyrahealth.com) location in California, United States , revenue, industry and description. In April, KKR acquired a majority interest in the mental health electronic records software company Therapy Brands for an undisclosed amount. When typing in this field, a list of search results will appear and be automatically updated as you type. You can't just put a tool in an inequitable system and expect it to solve all of those inequities. With Lyra, benefits leaders can offer employees fast, reliable access to providers who practice evidence-based mental health care treatments. In clinical studies conducted to date, LYR-210 has demonstrated six months of clinically meaningful symptom improvement following a single administration in patients with and without polyps. Lyra Health's latest funding round was a Series G for $235M on January 19, 2022. "Her deep expertise in finance and operations at leading global organizations will be significant assets for Lyra as we work together to provide a single source for effective mental health care for the world's greatest companies.". Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. Lyra separately announced today it has acquired ICAS World, an employee assistance program provider with operations in more than 155 countries. We are reaching out to the company and investors for a . For more information, visit lyrahealth.com and follow us onLinkedIn, Facebook, and Twitter. Based on Cognitive Behavioral Therapy principles, this immersive treatment model with ongoing support between sessions helps individuals improve faster. It was founded in 2010 and is based in Santa Monica, California. About Lyra HealthLyra Health, a leading provider of innovative mental health benefits for more than 2 million U.S. employees and dependents, is transforming mental health care by creating a frictionless experience for members, providers, and employers. Learn more. The company operates a business-to-business (Headspace for Work) to offer its mindfulness products and services to sectors such as government entities, nongovernmental organizations, and National Health Service (NHS) to offer digital mental health tools. LYR-210 is designed as a non-invasive alternative to sinus surgery for the millions of CRS patients who have failed medical management. our sites and services. You can read more about your. For more information, please visit www.lianbio.com. Emerson Collective and Salesforce Ventures are the most recent investors. The platform offers scientifically-backed tools and training for healthier, happier, more human organizations. From 2016 to 2018, she served as a professor at the Center for Innovation for Global Health at Stanford University. Theres also concern that the hyper focus on technology and virtual care is like putting lipstick on a pig. By year-end, venture investors poured a record-setting $1.5 billion into mental health-related startups. BURLINGAME, Calif., June 14, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced . Comparatively, just 24% of people who receive care through traditional health plans demonstrate reliable clinical improvement. The employee data is based on information from people who have self-reported their past or current employments at Lyra Health. Lyra Therapeutics: Investors poured $1.5 billion into the market in 2020, but technology alone won't solve long standing problems like low reimbursement rates and provider shortages. In a single month, Lyra Health normally makes close to $775,000 in revenue. tyler.gagnon@canalecomm.com, million adult CRS patients in China alone, we believe LYR-210 has the potential to address a significant unmet medical need and meaningfully improve the standard of care for patients in Asia., Internet Explorer presents a security risk. "Delivering mental health care for diverse employee populations around the world is one of the most pressing and complex issues for employers today, and this new funding will help Lyra accelerate our plans to deliver comprehensive, global solutions.". Lyra is trusted by leading companies, including Genentech, a member of the Roche Group; Uber; and VCA Animal Hospitals. Lyra currently serves more than 2.2 million members globally. Lyra helps companies improve access to effective, high-quality mental health care for their employees. Top investors are Durable Capital Partners, Fidelity Management & Research, and Baillie Gifford. Lyra Health's revenue is $9.3 Million - Learn more about Lyra Health's revenue by exploring their annual revenue, historical revenue, quarterly revenue, and revenue per employee. LianBio I understand from both a business perspective and a needs perspective why [startups] are interested in mental health right now, she says, but the potential to really prey on that need, or worse, the patients, terrifies me.. Nearly 1 billion people worldwide suffer from a mental health disorder, yet more than 70% of people dont have access to the care they need. The mental health platform companies help connect users directly with therapists and other providers. A peer-reviewed study found Lyra's Blended Care Therapy helped 83% of participants improve or recover from anxiety or depression. WATERTOWN, Mass. Crazy indeed. Burlingame, California-based Lyra, valued at $2.3 billion in a January funding round, is specifically targeting large employers with customers including Morgan Stanley, eBay and Genentech. Investors Dragoneer . Coatue led the round and was joined by new investor Sands Capital, along with existing investors. Lyra quickly connects members to an exclusive network of evidence-based providers, mental health coaches, digital wellness tools, and personalized medication programs. As part of the agreement, LianBio will also have the first right to obtain development and commercial rights in the licensed territories to Lyras LYR-220, an anti-inflammatory, intra-nasal, drug matrix in development for the treatment of CRS patients who have undergone a prior sinus surgery but continue to have persistent disease. Coatue led the round and was joined by new investor Sands Capital, along with existing investors. But venture capital-backed technology startups alone wont solve the complicated morass of weak insurance coverage, crazy administrative hoops for patients in distress and clinicians burned out from carrying the weight of Americas pain. You can't just put a tool in an inequitable system and expect it to solve all of those inequities, says Nicole Martinez-Martin, an assistant professor at the Stanford Center for Biomedical Ethics who studies mental health apps. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Lyra Health Study Finds Managers Struggling to Handle Employee Mental Health Concerns. Calm started out as a direct-to-consumer mindfulness app with guided meditations and soothing soundtracks. The LianBio team has deep expertise in drug development and is well positioned to successfully commercialize LYR-210 in these Asian territories. A peer-reviewed study found Lyras Blended Care Therapy helped 83% of participants improve or recover from anxiety or depression. The company has between 500 and 1000 employees and is backed by 20 investors. Resources. Investor Contact: PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. The Covid-19 pandemic and collective psychological fallout finally mainstreamed mental health. Partners . Lyra Health's latest funding round was a Series G for $235M on January 19, 2022. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. BURLINGAME, Calif, Jan. 28, 2021 /PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced a Series E . and other contracted partners to be your Lyra Care Navigator Team and deliver clinical services. When typing in this field, a list of search results will appear and be automatically updated as you type. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the clinical development, potential commercialization and potential benefits of LYR-210 and LYR-220, and the success of the companys strategic partnership and license agreement with LianBio. Lyra Health's most recent revenue is from 2020. In January, Talkspace announced plans to go public in a SPAC deal valuing the company at $1.4 billion; the deal is expected to close later this year.