Digital mental health company Meru Health announced that it scored $8.1 million in Series A funding. Foundry Group, Slack, Bold Capital, and Y Combinator led the funding round. This comes about a year after the company landed $4.2 million in seed funding.
Yesterday Meru Health also announced the results of its study, which was done with Harvard Medical School and Rutgers University researchers, on the “Feasibility and Efficacy of the Addition of Heart Rate Variability Biofeedback to a Remote Digital Health Intervention for Depression,” which was published in Springer Link. The study found that Meru’s biofeedback system significantly helped reduce depression symptoms.
WHAT THEY DO
Meru Health offers several different services, including a 12-week tailored content program. Each week has a different theme that builds on the previous one.
In addition to the program, users have access to therapists, whom they can reach out to during the 12-week program. Users also have access to anonymous peer support groups. The program targets people dealing with depression, burnout and anxiety.
The platform also lets customers book a session with a Meru Therapist and get connected in minutes.
Its most recent addition, is a biofeedback system. The tool includes a small device that is clipped on a user’s ear when they are doing a specific biofeedback practice provided by the Meru platform. Users will then get feedback about their heart rate variability during the session. The idea is to help participants see results and train their breathing practices.
WHAT IT’S FOR
While the company did not specify exactly how the funds will be used, it has been stressing its commitment to furthering research on its product and digital mental health.
“The timing of this funding and publication of our exceptional clinical results couldn’t be better,” said Kristian Ranta, Meru Health Founder and CEO. “With the recent COVID-19 Crisis, we are seeing a surge in demand as well as the loosening of barriers to make telehealth and remote care more accessible. We are excited to be working with several large health insurance companies and employers to make Meru’s best-in-class care available for people in need. I’m extremely proud of our team and honored to work with such great commercial and research partners.”
MARKET SNAPSHOT
Digital mental health tools are plentiful on the market. In 2020 alone, the investment dollars in the space are adding up. Direct-to-consumer meditation company Headspace scored a whopping $53 million in Series C funding. Employer-focused mental health startup Modern Health took home $31 million in Series B funding in January. Digital mental health tracker Unmind raked in $10.5 million in Series A funds.
