Spring Health, a prominent provider of mental health benefits, has announced the effective conclusion of a $100 million Series E funding round, which has increased the company's valuation to $3.3 billion. Kinnevik, William K. Warren Foundation, RRE, and Northzone were among the existing investors who participated in the round, which was led by Generation Investment Management.
Spring Health was established eight years ago to address the global mental health crisis by providing employer-based mental health benefits. Through strategic payer relationships, partnerships with 450 employers, and 27,000 groups via a channel partner, the organization currently provides coverage for more than 10 million individuals. Spring Health expedites the delivery of care to its members by utilizing artificial intelligence to support its network of over 10,000 care providers.
The core of Spring Health's offering is its Precision Mental Healthcare approach, which minimizes the trial-and-error method of treatment. In order to achieve superior results, this approach implements a thorough data analysis that encompasses patient symptoms and socio-demographic data. The company has partnered with prominent brands, including Delta Airlines, J.P. Morgan Chase, Target, and Microsoft. The recent innovations of Spring Health, such as the expansion of its global reach, the advent of Community Care, and the enhancement of SpringWorks to support mental health cultures within organizations, have been followed by this funding round.
