Burlingame, Calif.-based Lyra Health, a company that aims to develop technology making it easier for patients to find treatment for mental health conditions and substance abuse, announced it has raised $35 million in Series A financing, in a round led by Greylock Partners and prior investor Venrock.
More than 50 million Americas suffer from mental health conditions or substance abuse, yet only one in seven receives effective care, according to Lyra. The United States spends $100 billion per year treating mental health conditions and substance abuse, and an additional $400 billion on indirect costs associated with these conditions.
In a statement, the company said its technology matches each patient with the best available mental health treatment based on the individual’s unique clinical needs and treatment preferences, evidence-based clinical guidelines and the company’s understanding of provider capabilities. The technology also will connect each patient with a care manager who provides support throughout the treatment, the company said.
The company said it will use the Series A funding to make its technology available to a select group of enterprise and health plan customers in the first quarter of 2016 and anticipates full commercial availability in 2017.
David Ebersman, Lyra Health’s CEO and formerly CFO at Facebook and Genentech, said, “For too long, people suffering from depression, anxiety and substance abuse have had to wander through a system that is extremely difficult to navigate. Effective treatments exist that can help many patients, and our technology enables people to find the right care quickly and easily.”