Lantern, a startup working to monitor your mental health by providing toops to deal with stress, anxiety and body image has raised $17 million in Series A round led by UPMC (University of Pittsburgh Medical Center)’s venture arm. The round also saw participation from existing investors such as Mayfield and SoftTech VC.
With the raised funding, the startup aims to reach out to more early age adapters by implementing the solution into personal and employer’s insurance plan, so that the benefit can be availed by anyone who is opting for an insurance plan on his or her employer’s behalf. Partnership with UPMC will come in handy in the process, as Lantern plans to deploy its algorithms with the health system of the university.
Along with that, Lantern does have plans to invest more in technology and add a few more features to provide more inside the solution to cut down on the health costs for the individuals.
Lantern has been offering solutions related to stress, anxiety and body image, in addition to that, the startup is looking to launch an additional category of mood. Along with that, the startup is getting more and more technology to differentiate the inputs and give better solutions to the users. For example, if the case is about stress, Lantern is working on technologies which will classify the stress in sub categories like workplace stress, personal stress or relationship stress.
Speaking to media, Alejandro Foung stated that Lantern is not a replacement to the traditional therapy system and the startup does not claim to reduce your stress or anxiety. However, with the kind of technologies included, it can surely make you feel better.
Lantern, a 17 member team is expected to grow double of its size by the end of the year. Prior to this $17 million round, the mental health startup had raised $4.4 million.