Woebot Announcement, March 15, 2022
G4A 2021 Alumni Woebot Health secures $9.5 million investment from LEAPS by Bayer
G4A 2021 Advance Track finalist Woebot Health today announced that Leaps by Bayer has made a $9.5 million strategic investment in the company to help accelerate further development of its AI-powered behavioral health platform and products.
The stake in Woebot Health marks Leaps by Bayer's first investment in mental health, broadening a portfolio defined by a commitment to address the global need for pioneering solutions that deliver engaging and continuous care. The announcement follows Woebot Health’s $90 million Series B round in 2021 and brings total investment in the company to date to $123.5 million.
The LEAPS investment coincides with a collaboration between Woebot Health and Bayer Pharmaceuticals initiated as part of the G4A Digital Health Partnerships Program, for which the companies signed a Letter of Intent together with Bayer Integrated Care to assess joint opportunities on delivering integrated care solutions in mental health that ultimately improve people’s lives.
Woebot’s CEO Michael Evers recognizes Bayer’s first move in the mental health space: “We’re honored to join forces with a company that is committed to innovative, evidence-based approaches to conquering such significant challenges,” said Michael Evers, CEO of Woebot Health. “Great mental health outcomes depend on supportive relationships. Together with our employer, health system and plan partners, we can create a world where empathic and meaningfully engaging mental health interventions reach everyone in their moment of need.”
Read the full press release here.