Woebot announced Wednesday that it raised a $90 million Series B investment to further the development of chatbots to treat a range of mental health conditions.
The new funding, led by JAZZ Venture Partners and Temasek, comes as the 4-year-old company hopes to turn its bevy of research projects into products commonly used by patients. If it’s successful, its bots could help alleviate pressure on the strained mental health system that can’t reach everyone who needs help.
The company, which didn’t disclose a fresh valuation, has raised $114 million to date. A consumer version of a Woebot app is already available to the general public; smartphone users can download the tool and be guided by a friendly chatbot through lessons based on cognitive behavioral therapy. But the company’s financial future depends on selling apps that health systems or insurance plans can offer to patients.
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