Intelligence, a Singapore-based startup that seeks to make mental healthcare more accessible in Asia, has announced that it has raised 2. 2.2 million in pre-Series A funding. It is participating in the current batch of Y Combinator, which will hold its demo day later this month.
The period was led by investor Anisginia Venture Partners and included the participation of JJ Chai, co-founder of Y Combinator, XA Network and Fren investors such as Rain Forest. Danny Yong and Gilberto Guetta, founders of Prenetics and CircleDNA, Google’s director of global HR operations.
It has raised Intellect’s total funding to ڈالر 3 million since its launch a year ago, including the Seed Era announced in December 2020, which was also led by Insignia.
Intelligence offers two key product suites: a consumer app with self-guided programs based on cognitive therapy techniques, and a solution to mental health benefits for employers with online therapy programs and telehealth services. ۔ The startup now claims more than 2.5 million app users, and 20 enterprise clients, including Food Panda, Shopback, Carousel, Avery Dennison, Schroeders and government agencies.
Theodore Chieu, founder and chief executive officer, told TechCrunch that the use rate of wisdom is higher than the traditional EAP helpline solution. On average, its mental health benefits solution sees companies with more than 5,000 employees engage about 20 to 45 percent within three months of being hired.
“In many Asian cultures, there is still a lot of stigma attached to mental health issues, but that has changed in the last year and a half as people continue to deal with the emotional effects of COVID-19 epidemics,” Chew said. “From individuals, companies, insurers and governments, all of these different types of people and organizations today are increasingly prioritizing mental health care at the individual and organizational level.”
Intelligence protects user privacy with zero knowledge encryption, so startups and employers do not have access to people’s records or contact with their coaches and mentors. Any insights shared with employers are holistic and anonymous. Chew said the company also complies with big data privacy regulations such as ISO, HIPAA and GDPR.
Danish is currently collaborating on 10 studies with institutions such as the National University of Singapore, King’s College London, the University of Queensland and the Singapore General Hospital. She says studies so far have shown improvements in mental health, stress levels and anxiety in its users.
The new funding will be used to expand to more Asian markets. Knowledge currently covers 12 countries and 11 languages.