Lyra Health, which provides mental health benefits to the employees of leading companies, became the latest healthcare technology startup to hit unicorn status, following a $110 million Series D funding round. The latest funding round brings its valuation to $1.1 billion.
The California-based startup expects to hit more than $100 million in revenue by the year-end. Lyra plans to use the funds to develop additional mental health solutions and expand its teletherapy service.
Lyra offers an easy-to-use digital platform to connect people with mental health providers and has around 1.5 million members so far. Since the start of the pandemic, they have added more than 800,000 members.