Intellect, a Singapore-based startup, has announced that it has raised $2.2 Million in pre-Series B funding. It will be participating in Y Combinators' current batch. The Demo Day will take place at the end this month.
Insignia Venture Partners, a returning investor, led the round. It also included participation by Y Combinator and XA Network, as well as angel investors such J.J. Chai, Rainforest founder; Prenetics founder Danny Yeung, CircleDNA founder Danny Yeung, and Gilberto Gaeta (Googles director of global human resources operations).
This brings Intellect's total funding to $3 million since its launch a year ago. Also, Insignia led a seed round in December 2020.
Intellect had two major product lines: a consumer app that provides self-guided cognitive behavioral therapy programs, and an employer mental health benefit solution with online therapy and telehealth services. More than 2.5 million people have downloaded the app, with 20 corporate clients including FoodPanda and Shopback.
Theodoric Chew, founder and chief executive officer of Intellects, told TechCrunch that the Intellects usage rate was higher than traditional EAP supportline solutions. After being adopted by more than 5,000 employees, the average engagement rate for Intellects' mental health benefits solution is between 20% and 45% within three months.
There is still stigma attached to mental health in many Asian cultures. However, that has changed in the past year and a quarter as people deal with the emotional effects of the COVID-19 pandemic. All types of people, including individuals, companies, insurances, and governments, are now prioritizing mental health care at an individual and organizational level.
Intellect uses zero-knowledge encryption to protect user privacy. This prevents employers and the startup from having access to records and communications between employees and coaches. All insights given to employers are anonymized and aggregated. Chew stated that the company is compliant with major privacy regulations such as HIPAA, ISO and GDPR.
Intellect currently collaborates in 10 studies with institutions such as the National University of Singapore and Kings College London. According to the company, studies have shown improvements in mental health, stress levels, and anxiety among users.
This funding will be used for expansion into new Asian markets. Intellect currently covers 11 languages and 12 countries.
