Woebot Health plans to use the funds to accelerate the development of its chatbot platform. Here are the top-line bullets you need to know.
Woebot Health, an mental health therapy chatbot, has raised $90M in a Series B funding round. The round drew participation from Temasek, Jazz Venture Partners, New Enterprise Associates, and BlackRock, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Woebot is an AI-powered conversational app for mental health therapy. Woebot asks users how they are feeling and analyzes their responses to recognize examples of cognitive distortions. The bot then coaches the user on how to shift their perspective following a pre-designed decision tree that determines the correct response to user input.
- The company’s chatbot platform exchanges 4.7M messages with users weekly and has a 98.9% accuracy rate in detecting crisis language.
- Woebot’s digital therapeutic for postpartum depression, WB001, received a Breakthrough Device Designation from FDA in May 2021.
WHY DOES THE MARKET MATTER?
- The healthcare chatbot market is projected to grow at a CAGR of 21.56% and reach a value of $967.7M by 2027, according to PR Newswire.
- Covid-19 has accelerated chatbot adoption as remote care has become the need of the hour.