Lantern, A Mental Health Startup Raises $ 17 Million Series A Funding
Lantern is a mental health startup which provides tools to tools in dealing with stress, anxiety and body image has raised a $ 17 million Series A Round conducted by the University of Pittsburgh Medical Center’s venture arm with the involvement of the previous investor’s such as Mayfield and Soft TechVC.
UPMC Enterprises, the hospital’s venture arm, infused a huge amount of money in some other 12 startups, considering the health care software dbMotion, which had $ 235 million exit in 2013, and Evolent Health, a population health management services organization which went public last year.
“As one of the leading integrated healthcare provider and insurance systems, UPMC was attracted to Lantern’s widely accessible, cost-effective behavioral health platform,” UPMC Enterprises President Tal Heppenstall told TechCrunch. “By working with our clinical experts, who are leaders in the mental health field, and our vast network that covers the entire continuum of care, we think that we can add value to Lantern’s technology.”
Lantern proposes to do few things in relation with the funding. For starter’s, it wants to pay some attention on combining Lantern into employer insurance plans, so that the employees use Lantern as a benefit. Lantern has also planned to infuse more into research studies in order to display the economic proof that symptom reduction positively influence the bottom line for employers in terms of health costs. This month, Lantern plans to initiate a program around mood, as an extra benefit on its stress, anxiety and body image. Finally, Lantern wants to diversify the set of categories. “The point is not to solve all your problems — it’s to feel better,” Foung said.