US-based behavioural health platform developer Lyra Health closed a $45m series B round on Monday that included Providence Ventures, the venture capital fund operated by healthcare provider Providence Health and Services.
The round also featured Tenaya Capital, Venrock, Glynn Capital, Crown Ventures, Casdin Capital and Greylock Partners.
Founded in 2015, Lyra operates an online platform that uses machine learning algorithms to match users with mental health professionals who can provide treatments such as cognitive behavioural therapy through face-to-face sessions, live video consultations, coaching programs or apps.
The series B cash will fund product development and an increase in the range of digital tools Lyra provides to its affiliated therapists. The company also markets a behavioural health plan for enterprises looking to help employees manage their health.
Healthcare benefits management service Castlight Health invested $3.1m in Lyra in June 2015, three months before it raised $35m in a series A round co-led by Greylock and Venrock that included Providence Ventures, Breyer Capital and Origin Capital Management.
David Ebersman, co-founder and chief executive of Lyra Health, said: “Three years ago, Lyra set out to help people navigate a cumbersome, fragmented and opaque mental health system and we are proud of the impact we are making with our employer partners.
“With this new funding, we look forward to creating technology-enabled experiences to deliver better, faster and more personalised care.”