Woebot Health Gets $9M Investment from Bayer AG, Brings Total Funding to $123M

Digital mental therapeutics provider Woebot Health has raised $9.5 million from Leaps by Bayer, the investment arm of global pharmaceutical and consumer health company Bayer AG.

Founded in 2017, San Francisco-based Woebot Health uses artificial intelligence (AI) and a relational agent – dubbed “Woebot” – to provide mental health advice and solutions to users via an app.

Research has shown that the Woebot relational agent is effective in quickly establishing therapeutic bonds with users that remain stable over time. Woebot Health’s AI has also been demonstrated to be helpful for people who are going through substance use disorder treatment.

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Prior to the Leaps by Bayer investment, Woebot Health raised $90 million last July in Series B funding.

To date, Woebot Health has raised $123.3 million, according to fundraising tracking site Crunchbase.

“We’re honored to join forces with a company that is committed to innovative, evidence-based approaches to conquering such significant challenges,” Woebot Health CEO Michael Evers said in a press release issued by the company. “Great mental health outcomes depend on supportive relationships.”

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Woebot Health marks the first mental health investment of Leaps by Bayer, which was created in 2015 and has provided approximately $1.5 billion for health and agriculture ventures.

The investment also coincides with a collaboration between Woebot Health and Bayer’s pharmaceutical division to assess joint opportunities on delivering integrated care solutions in mental health.

“With its deep focus on clinical evidence and unique AI-based platform and products, Woebot Health is forging a new frontier in behavioral health at a critical time in our world,” Dr. Jürgen Eckhardt, the head of Leaps by Bayer, said in the press release. “We’re excited to support endeavors that will make tech-supported continuous care a reality for all.”

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