Lyra Health

Lyra Health provides behavioral healthcare solutions that include an online telepsychiatry platform with access to a network of therapists and psychiatrists. The company was co-founded in 2015 by David Ebersman (former CFO at Facebook), Bob Kocher, and Bryan Roberts. Lyra Health mainly caters to the B2B2C market, where it partners with companies (clients include Starbucks, eBay, Amgen, Netapp, Uber, Genentech, ServiceNow, and Apache) to provide employees and their families with easy access to effective mental health care. As of January 2022, Lyra’s network served more than 4 million employees globally.

Lyra Health covers mental illnesses ranging from mild to severe cases through a wide range of care options including coaching, therapy, psychiatry, and medication. These care options are delivered through self-guided programs, in-person chats, live video chats, and even onsite options at employee premises. As for service delivery, the company partners with behavioral health coaches and therapists who can link their practices to Lyra Health’s platform. Users initially sign up and complete a clinical assessment, the platform’s analytical tools then match users with the relevant coaches or therapists. Lyra also conducts a progress check to find out if the user is actually benefiting from care options.

In 2021, the company announced its plans to expand its culturally responsive mental healthcare offering for employees and their families across the US and around the world. It plans to facilitate this expansion through its acquisition of international employee assistance program provider ICAS World which will allow Lyra to access the latter's nearly 10 million users across 155 countries in 66 languages. Additionally, Lyra plans to launch a new, global, digital platform in 2022 that would provide integrated mental healthcare solutions across 180 countries including preventive care, mental health coaching, therapy, meditation, and medication.

In September 2022, Lyra Health announced its plans to launch specialized care options for teens and kids . Care services will include access to an expanded network of over 3,900 licensed providers and comprehensive therapy and medication management platform for kids and teens between ages 0-17. The new solutions are slated for release in 2023.

In October 2023, Lyra announced its plans to launch a new “Integrated Benefit Ecosystem,” expected to be available from January 2024.The ecosystem allows members to explore employer-provided wellness benefits on the platform. It also provides personalized recommendations for wellness benefits based on a member’s clinical requirements and conditions.

Funding and financials

The company concluded a USD 235 million Series F funding round led by Dragoneer in January 2022 which be used to support its expansion plans. The round propelled Lyra’s valuation to USD 5.85 billion from USD 4.6 million in its June 2021 Series E round.