Intellect, a Singapore-based startup that desires to make psychological well being care extra accessible in Asia, introduced it has raised $2.2 million in pre-Collection A funding. It’s participating in Y Combinator’s present batch, which can maintain its Demo Day on the finish of this month.
The spherical was led by returning investor Insignia Enterprise Companions and included participation from Y Combinator, XA Community and angel traders like Rainforest co-founder J.J. Chai; Prenetics and CircleDNA founder Danny Yeung; and Gilberto Gaeta, Google’s director of worldwide HR operations.
This brings Mind’s complete funding because it launched a year ago to $3 million, together with a seed spherical introduced in December 2020 that was additionally led by Insignia.
Mind provided two predominant product suites: a client app with self-guided packages based mostly on cognitive behavioral remedy methods, and a psychological well being advantages answer for employers with on-line remedy packages and telehealth companies. The startup now claims greater than 2.5 million app customers, and 20 enterprise purchasers, together with FoodPanda, Shopback, Carousell, Avery Dennison, Schroders and authorities businesses.
Founder and chief govt officer Theodoric Chew instructed TechCrunch that Mind’s utilization charge is larger than conventional EAP helpline options. On common, its psychological well being advantages answer sees about 20% to 45% engagement inside three months after being adopted by firms with greater than 5,000 staff.
In lots of Asian cultures, there may be nonetheless quite a lot of stigma round psychological well being points, however that has modified over the past 12 months and a half as individuals proceed to deal with the emotional influence of the COVID-19 pandemic, Chew stated. “From people, to firms, insurers and governments, all these several types of individuals and organizations are at the moment prioritizing psychological healthcare on a person and organizational degree in an especially speedy method.”
Mind protects consumer privateness with zero-knowledge encryption, so the startup and employers don’t have entry to individuals’s data or communications with their coaches and counsellors. Any insights shared with employers are aggregated and anonymized. Chew stated the corporate can be compliant with main information privateness laws like ISO, HIPAA and GDPR.
Mind is at present collaborating in 10 research with establishments just like the Nationwide College of Singapore, King’s Faculty London, College of Queensland and the Singapore Normal Hospital. It says research to date have demonstrated enhancements in psychological well-being, stress ranges and anxiousness amongst its customers.
The brand new funding shall be used to increase into extra Asian markets. Mind at present covers 12 international locations and 11 languages.