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New CFO and US$73m raise for Happify Health

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Digital therapeutics firm Happify Health has completed a US$73m funding round and appointed a former Goldman Sachs senior vice president as CFO.

The US company will use the capital raise to advance and expand the company’s healthcare platform, focused on digital therapeutics and patient care delivery.

The funds will support growth in key areas, including “expanding the digital therapeutics and care delivery solutions and pursuing global business development opportunities,” it said in a statement.

The firm will seek to drive relationships with pharmaceutical companies through “configurable digital therapeuticsand specialised solutions” for enterprise and health plan customers.

The capital will also help to support additional investment into developing advances in AI and machine learning-based models that power Anna; a software-based coach designed to support and engage individuals for several chronic conditions, including those within mental health.

Co-founder and CEO Tomer Ben-Kiki said: “Today, our platform covers more than 20 million lives with more than five million individuals having received care through our platform.

“We are also working with five leading pharmaceutical partners on digital therapeutic solutions and four out of the five national payors to help support their members’ mental health and chronic illness needs.

“We look forward to reaching an even bigger audience with the support of our new partners.”

President and co-founder Ofer Leidner said: “To scale successfully, we must expand our talented team of scientists, researchers, and digital healthcare experts as we develop new products, forge strategic partnerships, and broaden our platform to support and empower individuals through their unique healthcare journey.

“We have already begun to make these growth investments with the recent addition of several key hires including a chief medical officer and chief brand officer.”

Meanwhile, Bilal Khan has joined the firm in the newly created role of chief financial officer. Previously he was a senior vice president at Goldman Sachs where he sat on the technology investment banking group.

His transaction experience spans companies such as Apple, Verily, GoodRx, SoFi, Affirm and Snapchat. He was also part of the healthcare investment banking team and brings over a decade of capital markets and advisory experience.

Khan said: “Happify Health is reshaping how we think about mental and physical health by empowering patients to tackle their chronic healthcare conditions through highly engaging software solutions.

“To do this, the company has built an extensive technology platform that is paired with unrivalled patient insights and designed to be delivered at scale through a collaborative approach with healthcare incumbents.

“While on the surface, Happify Health is deploying a care delivery solution for employers and payors, the platform has a much deeper opportunity to change the way we think about delivering drug therapy to patients.

“What excites me the most is the opportunity to pair Happify Health’s digital therapeutic solutions with existing drug therapies to meaningfully improve the lives of patients. I am excited to partner with the leadership team as we continue to write the next chapter of Happify Health’s exciting journey.”

Happify’s stated mission is to deliver personalised mental and physical healthcare, at scale. It aims to do this through a range of solutions that adapt to “individual needs – across organisations and diverse populations”; and via the concept of “digital care companionship” that supports all people through their health journeys.

In February,  it added Castilian Spanish and Italian language versions of its platform, bringing the total number of language offerings to 10 – reportedly more than any other digital mental health platform on the market.

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