Intellect, a Singapore-based startup that wants to make mental health care more accessible in Asia, announced it has raised $2.2 million in pre-Series A funding. It is taking part in Y Combinator’s current batch, which will hold its Demo Day at the end of this month.
The round was led by returning investor Insignia Venture Partners and included participation from Y Combinator, XA Network and angel investors like Rainforest co-founder J.J. Chai; Prenetics and CircleDNA founder Danny Yeung; and Gilberto Gaeta, Google’s director of global HR operations.
This brings Intellect’s total funding since it launched a year ago to $3 million, including a seed round announced in December 2020 that was also led by Insignia.
Intellect offered two main product suites: a consumer app with self-guided programs based on cognitive behavioral therapy techniques, and a mental health benefits solution 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 FoodPanda, Shopback, Carousell, Avery Dennison, Schroders and government agencies.
Founder and chief executive officer Theodoric Chew told TechCrunch that Intellect’s usage rate is higher than traditional EAP helpline solutions. On average, its mental health benefits solution sees about 20% to 45% engagement within three months after being adopted by companies with more than 5,000 employees.
In many Asian cultures, there is still a lot of stigma around mental health issues, but that has changed over the last year and a half as people continue to cope with the emotional impact of the COVID-19 pandemic, Chew said. “From individuals, to companies, insurers and governments, all these different types of people and organizations are today prioritizing mental healthcare on an individual and organizational level in an extremely rapid manner.”
Intellect protects user privacy with zero-knowledge encryption, so the startup and employers don’t have access to people’s records or communications with their coaches and counsellors. Any insights shared with employers are aggregated and anonymized. Chew said the company is also compliant with major data privacy regulations like ISO, HIPAA and GDPR.
Intellect is currently collaborating in 10 studies with institutions like the National University of Singapore, King’s College London, University of Queensland and the Singapore General Hospital. It says studies so far have demonstrated improvements in mental well-being, stress levels and anxiety among its users.
The new funding will be used to expand into more Asian markets. Intellect currently covers 12 countries and 11 languages.
source https://techcrunch.com/2021/08/25/mental-health-startup-intellect-gets-2-2m-to-expand-across-asia/
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