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Lyra Health

Lyra Health

Lyra helps companies improve access to effective, high-quality mental health care for their employees.

Overview

Lyra Health has developed a digital mental health platform for enterprise business employees. The platform connects members with a network of therapists, life coaches, and other mental health professionals through live video telehealth therapy, coaching, and self-care tools allowing employees and their families access to mental health plans in real-time.

Services

Lyra works with employers to offer its service in an end-to-end format starting by assisting companies in announcing that the product exists. Lyra states that they recognize that mental health can be a sensitive topic for employees, so it works with employers and employees to assure safety and HIPPA compliant data collection.

Care services

Lyra offers various care services to its users, including self-care tools, mental health coaching, evidence-based therapy, medication management, critical incident support, manager training, onsite therapy, and work-life services. The services can be implemented at companies through health plans, employee assistance programs, or custom benefit plans can be developed through collaboration between Lyra and employers.

Methodology

Using validated clinical assessments such as the GAD-7 and PHQ-9, Lyra makes actionable suggestions to employees, such as speaking with a therapist, coach, or practicing self-help techniques. Lyra's 400,000+ mental health providers use evidence-based treatments (EBTs) with employees/ patients to promote effective health plans. Common properties of EBTs are goal-focused treatments, new skill development, practice between sessions, track progress toward goals, and short-term and long-term benefits.

Care network

Lyra has developed a network of over 400,000 mental health providers using machine learning, analytical models, and clinical experience. Machine learning and data analytics help Lyra identify evidence-based providers located near members. Lyra then assigns the providers with "Quality Prediction Scores" that predict adherence to evidence-based practices. If scores are high enough, the company schedules clinical interviews with providers to validate the quality prediction scores and invite qualifying providers to join the Lyria network; the company reports that roughly 5% of candidates are selected.

Ongoing patient assessments and progress tracking are conducted to monitor the effectiveness of providers over time. If a provider is deemed ineffective, they are removed from the Lyra network.

Timeline

January 28, 2021
Lyra Health announces $187 million Series E.

Addition, which led the Series D, led this new round and was joined by new investors Durable Capital Partners, Fidelity Management & Research Co. and Baillie Gifford, along with other existing investors.The new round gives the company more than $480 million in total funding.

January 2021
Lyra Health raises a $2,300,000,000 series E round from Addition, Baillie Gifford, Durable Capital Partners and Fidelity.
January 2021
Lyra Health raises a $187,000,000 series E round from Addition, Baillie Gifford, Durable Capital Partners and Fidelity Management & Research Company.
August 25, 2020
Lyra Health hits the unicorn status, following a $110 million Series D round.

Lyra Health, which provides mental health benefits for large employers, became the latest healthcare technology startup to hit unicorn status on Tuesday, following a $110 million Series D round.

August 2020
Lyra Health raises a $110,000,000 series D round from Addition, Casdin Capital, Glynn Capital Management, Greylock Partners, Howard Schultz, IVP, Meritech Capital Partners, Providence Ventures and Tenaya Capital.
March 12, 2020
Mental health benefits startup Lyra Health raises $75M

A behavioral health startup founded by Facebook’s former CFO raised $75 million in new funding. Lyra Health, which connects employees to therapists and other providers through its platform, has now raised more than $175 million to date.

March 11, 2020
Lyra Health raises a $75,000,000 series C round from IVP.
May 7, 2018
Lyra Health raises $45M to create a smart network for mental health problems.

The company said it has raised $45 million in a new financing round including Tenaya Capital, Glynn Capital Partners, Crown Ventures, and Casdin Capital. Existing investors that include Greylock Partners, Venrock, and Providence Ventures also participated in the funding round.

May 2018
Lyra Health raises a $45,000,000 series B round from Casdin Capital, Crown Ventures, Glynn Capital Management, Greylock Partners, Providence Ventures, Tenaya Capital and Venrock.
October 2015
Lyra Health raises a $35,000,000 series A round from Breyer Capital, Castlight Health, Greylock Partners, Providence Health & Services and Venrock.
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Funding rounds

Funding round
Funding type
Funding round amount (USD)
Funding round date
Investment
Lyra Health Series E round December 2020
110,000,000
August 2020
7 Results
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People

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Role
LinkedIn

Further reading

Title
Author
Link
Type
Date

Lyra Health helps make sure your employees get proper mental health care

Mark Sullivan

Web

October 14, 2015

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Heather Landi
April 21, 2021
FierceHealthcare
There are thousands of digital mental health apps on the market that offer tools for stress relief, meditation guides and services to help with more serious conditions like anxiety. Most of them promise to help users feel happier and healthier. Some experts believe there needs to be more oversight of digital mental health apps due to concerns about data privacy and lack of evidence.
Heather Landi
April 21, 2021
FierceHealthcare
The digital mental health space was growing rapidly even before the COVID-19 pandemic but stress and anxiety brought on by the health crisis has accelerated demand for virtual behavioral health services. But with the market growing rapidly, some experts are concerned about whether digital mental health tools deliver what they promise.
Paige Minemyer
April 21, 2021
FierceHealthcare
It's not a secret that COVID-19 has dramatically increased the demand for and interest in digital health. There is an "overwhelming drive for self-empowerment" that patients are now beginning to experience as they embrace virtual healthcare services, said Matthew Stoudt, co-founder and CEO of AppliedVR. Here's what else Stoudt and executives at Lyra Health and Hims & Hers had to say about where digital health is headed.
Heather Landi
April 5, 2021
FierceHealthcare
In the first quarter of 2021, investors doubled down on digital health, pouring $6.7 billion into the sector, making it the most-funded quarter to date, according to investment firm Rock Health. Here are four big trends in digital health funding during the quarter.
Heather Landi
February 11, 2021
FierceHealthcare
Riding the wave of investor interest in virtual behavioral health startups, Modern Health has closed a $74 million Series D investment round. This latest investment brings the company's total funding to over $170 million in less than two years and raises its valuation to $1.17 billion.
Christine Hall
January 28, 2021
Crunchbase News
Less than six months after gaining unicorn status following a $110 million Series D round, mental health care benefits provider Lyra Health is back with another significant round of funding.
Heather Landi
January 28, 2021
FierceHealthcare
Spurred by the demand for mental health services during the pandemic, Lyra Health is now worth more than $2 billion. The mental health benefits startup scored $187 million in new financing as it looks to expand its services and bring more technology to its platform.
Lyra Health
January 14, 2021
www.prnewswire.com:443
/PRNewswire/ -- Lyra Health, the leading provider of comprehensive mental health care benefits for employers, today announced it will host Lyra Breakthrough...
Natasha Mascarenhas
December 17, 2020
TechCrunch
The coronavirus pandemic has underscored, and often exacerbated, the mental health crisis that exists across the world. Even the spread of remote work is part of the problem: As everyone stays at home, the lack of interaction and watercooler chat has left employees without in-person interaction. The need for a solution has helped tech-powered mental [...]
Heather Landi
August 25, 2020
FierceHealthcare
The demand for mental health tools for employees has helped boost Lyra Health to unicorn status on the heels of a $110 million funding round. Here's why Starbucks' former CEO Howard Schultz and other investors are backing the startup.
Paige Minemyer
July 30, 2020
FierceHealthcare
COVID-19 is having a massive impact on employees' mental health, according to a new report.

References

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