By Somesh Dash, Jules Maltz, and Jake Storm
Today, IVP is thrilled to announce an investment in Lyra, a leading mental health benefit provider that delivers top-quality care for the U.S. workforce, supercharged by technology. Lyra enables employees and their families to find personalized care in just a few clicks and receive best-in-class treatments to combat the full spectrum of mental health conditions via its curated provider network. IVP is the lead investor in Lyra's $75M Series C financing, and Somesh Dash will join the company's board of directors. We look forward to partnering with the Lyra team and other investors including Breyer Capital, Glynn Capital, Greylock Partners, Meritech Capital, Tenaya Capital, and Venrock as the company continues to scale rapidly.
We have been incredibly fortunate to invest in several paradigm-shifting Enterprise and Consumer companies, including AppDynamics, Crowdstrike, Discord, Glossier, HashiCorp, MasterClass, Rubrik, Slack, Snap, Twitter, and UiPath. Just as these companies transformed their respective markets, we believe Lyra has the potential to fundamentally change the mental health industry. Mental health is one of the biggest challenges of our time, and we're excited to back a company making a difference in this space.
Here is why we invested:
Massive, Underserved Problem
Everyone is affected by mental health challenges-whether we deal with stress and burnout, live with a diagnosable condition like depression or anxiety, or have close friends and relatives with a mental health condition. To quantify, approximately 50 million people each year in the U.S. suffer from a diagnosable mental health condition. That's roughly one out of every five Americans. Unfortunately, only one in seven of those who are suffering will receive effective treatment, with the remainder of cases either undiagnosed or treated ineffectively. Receiving treatment can truly be a life or death scenario for many individuals. Current solutions are ineffective, difficult to find, and time-intensive, with long wait times to see a provider. Compounding this problem is a misplaced mental health stigma that continues to persist; deciding to get help is a very difficult decision. The inability to then find a trained coach or therapist with availability is a failure of the current health care system that leads to high rates of abandonment. Moreover, symptoms tend to intensify if untreated, which makes things worse for companies and their employees.
Enter Lyra. Lyra works with employers to provide immediate access to outstanding and affordable mental health care. And it's working. About 83% of Lyra members see significant improvement or complete recovery, versus18% in traditional Employee Assistance Programs. Customers even credit Lyra with saving lives within their companies. As a result, Lyra has seen industry-leading engagement rates, with 7x more employees receiving effective care versus the status quo. Lyra is building something truly special and the offering is hitting the mark when it comes to providing individuals immediate access to exceptional and affordable mental health care. Mental health matters and we're proud to back a mission-driven company helping to solve a critical, pervasive problem for all companies. Furthermore, we are enthusiastic about the opportunity to destigmatize mental illness and believe Lyra is at the forefront of this movement.
Significant Traction with Leading Enterprises
At IVP, we look for startups that are scaling in hyper-growth mode, and Lyra has gained Enterprise traction as rapidly as some of our best-performing investments. What's more impressive, Lyra has been able to do this with remarkable capital efficiency relative to other companies at a similar scale. This speaks to the strong product-market fit. Given the focus on large Enterprises, Lyra took years to assemble a network of quality, curated providers prior to building out its customer base. Lyra has attracted an impressive list of blue-chip customers including Amgen, eBay, Genentech, NetApp, ServiceNow, Uber, and many others. Lyra's key differentiation is its focus on evidence-based therapy. Great clinical outcomes are the result of science-based therapies for clinical areas as varied as anxiety, sleep, addiction, and suicide. According to several customers, Lyra has become a central, irreplaceable piece of their healthcare strategy, resulting in a successful Land and Expand model that has the potential to achieve significant scale in the coming years.
Visionary Management Team with Top Tier Investors & Advisors
Lyra is led by a world-class, multidisciplinary management team and board. We had the privilege of getting to know Lyra's CEO, David Ebersman, when he was CFO of Facebook in its critical growth years. His track record and reputation speak for themselves. More importantly, we were struck with how personal this cause was for David. The mission of improving mental health outcomes is the compass by which he makes all business decisions to guide Lyra. David has also attracted a world-class management team to Lyra, and the group's combined experience includes significant roles in technology and healthcare such as Genentech, Google, Kaiser Permanente, and UCSF. Lyra has scaled rapidly since inception, and we look forward to working with the entire team in their next stage of growth. We are beyond grateful to partner with Lyra and hope we can collectively help solve one of the largest global health issues of the 21st century.
Somesh Dash, Jules Maltz, and Jake Storm are Investors at IVP, a later-stage venture capital firm based in Menlo Park, CA.
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
04/05/2024
NEW YORK As the Asian Pacific American Heritage Month kicks off in May, Nielsen has released an extensive new report diving into their media habits with data sh...
04/05/2024
PHILADELPHIA As National Military Appreciation Month gets underway, Comcast has announced several new initiatives to help veterans, service members, and their f...
04/05/2024
WASHINGTON, D.C. Federal Communications Commission chairwoman Jessica Rosenworcel has announced a tentative agenda for the May Open Commission Meeting scheduled...
04/05/2024
The Broadband Forum has announced major enhancements to key 5G convergence standards that the group said will help advance next-generation applications, improve...
04/05/2024
Spotify Wrapped Campaign Spot Graded With DaVinci Resolve Studio
Brie Clayton May 3, 2024
0 Comments
Blackmagic Design today announced that Colorist M...
04/05/2024
Three Boston Conservatory at Berklee Alums Nominated for Tony Awards An additional eight alums and two current students performed in nominated productions.
...
03/05/2024
An innovative learning tool to help media and civil society better understand ho...
03/05/2024
PARK CITY, UTAH - JANUARY 21: (L-R) Actors K stutis Cic nas and Greta Grinevi i t , Director Marija Kavtaradze and Producer Marija Razgute attend the 2023 Sunda...
03/05/2024
If you aren't familiar with Danny Ocean's music, it's only a matter ...
03/05/2024
Spotify has an unwavering commitment to supporting emerging artists across all genres, to helping them launch and thrive in their careers, and to connecting the...
03/05/2024
Como uno de los sonidos de mayor expansi n en el mundo, la M sica Mexicana va m ...
03/05/2024
As one of the fastest-growing sounds worldwide, M sica Mexicana is more than jus...
03/05/2024
NEW YORK FuboTV reported that it lost 110,000 subs in Q1 2024 but it exceeded its guidance for the quarter with double digit year-over-year increases across key...
03/05/2024
Only 3 Weeks Left To Enter The Creative Industries Most Award
Brie Clayton May 3, 2024
0 Comments
Creativepool is giving a last call to the creative i...
03/05/2024
WePlay Studios Transforms the Future of Live Event Storytelling with AJA Gear
Brie Clayton May 3, 2024
0 Comments
By 2032, the esports market is expec...
03/05/2024
WASHINGTON Shannon Bream, Fox News Sunday anchor and chief legal correspondent, sat for a keynote chat at The Business of TV News, with Tom Umstead, senior co...
03/05/2024
WASHINGTON Asked how important is local news, Martha Raddatz, who has covered foreign conflicts for decades and moderated presidential debates for ABC News, s...
03/05/2024
Sony Pictures and Apollo Global Management have made a $26 billion cash offer fo...
03/05/2024
CBS announced its 2024-2025 primetime schedule, which features the new dramas NCIS: Origins, Matlock and Watson, and new comedies Poppa's House and Georgie ...
03/05/2024
Sports-focused streaming service Fubo said it reduced its red ink in the first quarter, despite losing 110,000 subscribers since the end of the year....
03/05/2024
Walmart is reportedly about to release a new 4K streaming box/smart speaker hybrid device for Google TV that could retail for as low as $50, according to a repo...
03/05/2024
Enhancements to its Delivery Workspace solution provide increased content delivery robustness and security
By Matthew Corrigan
Published: May 3, 2024
Enha...
03/05/2024
According to reports, if the bid is successful, Sony would be the significant majority shareholder of the new private company
By Jenny Priestley
Published: M...
03/05/2024
Located in Manchesters Spinningfields district, the course aims to equip students with the skills, knowledge and industry insight for a career in the creative s...
03/05/2024
Lightbridge has created a new Cine Reflect Lighting System kit, dedicated to enabling artistic lighting with consideration of today's productivity practical...
03/05/2024
Broadcast media systems integrator BeckTV and Lawo worked together on a large-scale AES67 build of radio control rooms at KPBS, San Diego's NPR and PBS memb...
03/05/2024
Raleigh, NC, April 12, 2024 SmallHD announces PageOS 6, a powerful software update free for owners of SmallHD monitors, featuring increased functionality, exp...
03/05/2024
SmallHD announces the Quantum 32 a new 31.5 OLED monitor designed to provide reference HDR/SDR images for post-production final color grading, as well as cri...
03/05/2024
By 2032, the esports market is expected to grow to $9.29 billion, bolstered by a global player count and fan following that both continue to climb. The 2023 Lea...
03/05/2024
Amagi, the global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced that the 11th edition of the Amagi Global FAST Rep...
03/05/2024
Riedel Communications today announced that Westdeutscher Rundfunk (WDR) is relying on a media and intercom network based on Riedel technology for the renewal of...
03/05/2024
Broadpeak , a leading provider of content delivery network (CDN) and video streaming solutions for content providers and pay-TV operators worldwide, announced t...
03/05/2024
Media technology innovator Limecraft will exhibit the latest updates to its online platform on stand G79 at the 15-16 May 2024 Media Production & Technology Sho...
03/05/2024
Audio interface specialist Prism Sound is partnering with console manufacturer Solid State Logic, professional monitor manufacturer PMC and acoustic panel and d...
03/05/2024
Intinor, Sweden's leading developer of products and solutions for high-quality video over the internet, is set to join forces with its UK partner Zest Techn...
03/05/2024
NAKIVO Inc., a fast-growing software company dedicated to protecting physical, virtual, cloud, and SaaS environments, announced its Q1 2024 financial results to...
03/05/2024
Hiltron Communications announces an addition to its range of satellite communication products and systems: a field-upgradable motorisation kit specifically desi...
03/05/2024
Visit LiveU at Stand D30
With this year an exceptional one for major sporting events alongside multiple, key elections, the power and flexibility of LiveU'...
03/05/2024
Agile Content, the leader in the development of technology and solutions for the provision of television services over the Internet, announces Koldo Unanue as i...
03/05/2024
Eight co-signers representing streaming services, pay TV operators and public interest groups have sent a letter to Congressional leaders urging their Committee...
03/05/2024
BOSTON Brightcove has announced that it has implemented Amazon Q Business, a new generative AI assistant on Amazon Web Services (AWS)....
03/05/2024
NEW YORK CBS has declared that it will finish the 2023-24 season as Americas Most-Watched Network in primetime for the 16th consecutive season....
03/05/2024
A new survey indicates that U.S. businesses and consumers had an overall positive attitude towards their technology spending plans in the first quarter of 2024,...
03/05/2024
Sony and Apollo Global Management have sent an offer letter to Paramount Global's board of directors making an $26 billion all cash offer for Paramount Glob...
03/05/2024
EMG / Gravity Media has appointed Charlie Cubbon chief operating officer (COO) and Jamie Hindhaugh regional CEO for the U.K., U.S., Australia and the Middle Eas...
03/05/2024
Final 2024 Season Games to Air Saturdays on WRAL at 10:30am in May, Championship on June 1
Taping for the final episodes of the 2024 season of WRAL-TV's Br...
03/05/2024
Estrella MediaCo said it is expanding its connected TV portfolio by launching three new channels with Curiosity that will first appear on Samsung TV Plus....
By Somesh Dash, Jules Maltz, and Jake Storm
