US-based mental health services provider Lantern closed a $17m funding round yesterday led by UPMC Enterprises, the investment arm of healthcare conglomerate University of Pittsburgh Medical Center.
UPMC was joined by Stanford University and venture capital firms Mayfield Fund and SoftTech Venture Capital.
Founded in 2012 as ThriveOn, Lantern has created an online platform that helps users maintain their mental health and manage conditions such as depression and anxiety. Users respond to a series of questions about their wellbeing and goals before being matched with a personal coach.
Lantern collaborated with researchers at Stanford University, Pennsylvania State University and Washington University in St Louis to develop the service.
As part of the deal, UPMC will partner the company to expand the range of conditions that the platform can handle. The partnership will also let Lantern tap into UPMC’s disease prevention expertise.
Lantern previously raised $4.4m in a 2014 funding round led by Mayfield Fund that also included SoftTech VC. US National Institutes of Health awarded Lantern a $4m grant in 2014 to conduct a study into the prevention of eating disorders and the improving of body image on university campuses.
Stanford University was named as a returning investor in Lantern’s latest press release, though the company has not disclosed details about the institution’s previous financial commitment.
Tal Heppenstall, president of UPMC Enterprises, said: “We are excited about reaching more people with mental health issues through this readily accessible, scalable, and cost-effective platform.
“This partnership is an excellent example of our mission at UPMC Enterprises: finding creative solutions and technologies to solve some of the most challenging problems in healthcare.”