SAN FRANCISCO--(BUSINESS WIRE)--Woebot Health today announced that Leaps by Bayer, the impact investment arm of Bayer AG, has made a $9.5 million strategic investment in the company to help accelerate further development of its AI-powered behavioral health platform and products. The stake in Woebot Health marks Leaps by Bayer's first investment in mental health, broadening a portfolio defined by a commitment to address the global need for pioneering solutions that deliver engaging and continuous care. The announcement follows Woebot Health’s $90 million Series B round in 2021 and brings total investment in the company to date to $123.5 million.
“Leaps by Bayer is committed to advancing technologies that solve some of humanity’s biggest problems in health and agriculture,” said Head of Leaps by Bayer Dr. Jürgen Eckhardt. “Woebot Health’s mission and products are well aligned with our leaps number 5 and 10 — to protect the brain and the mind and to transform health with data. With its deep focus on clinical evidence and unique AI-based platform and products, Woebot Health is forging a new frontier in behavioral health at a critical time in our world. We’re excited to support endeavors that will make tech-supported continuous care a reality for all.”
Eckhardt added that the investment coincides with a collaboration between Woebot Health and Bayer Pharmaceuticals initiated as part of the G4A Digital Health Partnerships Program, for which the companies signed a Letter of Intent together with Bayer Integrated Care to assess joint opportunities on delivering integrated care solutions in mental health that ultimately improve people’s lives.
“We’re honored to join forces with a company that is committed to innovative, evidence-based approaches to conquering such significant challenges,” said Michael Evers, CEO of Woebot Health. “Great mental health outcomes depend on supportive relationships. Together with our employer, health system and plan partners, we can create a world where empathic and meaningfully engaging mental health interventions reach everyone in their moment of need.”
About Woebot Health
Woebot Health is the world’s first mental health ally for people and businesses, with products that put personal growth in people's hands, wherever they are. Our behavioral health platform combines sophisticated AI, decades of clinically-proven therapeutic research and an engaging relational agent called Woebot, which together form the foundation for delivering continuous care via purely digital, empathic and personalized apps that are easy to talk to and fit right into people’s lives. For more information, visit woebothealth.com or follow Woebot on Facebook, Twitter and LinkedIn.