UpLift Health Secures $1M Seed Funding to Advance Digital Depression Therapy Platform Ahead of IPO Filing

On July 24, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that digital health company UpLift Health (UpLift) announced the completion of a $1 million seed funding round. The round was led by Laidir Foundation.

It is reported that UpLift will use the funds from this round of financing to develop digital health technologies and software for treating depression. Eddie Liu, CEO of the company, stated that UpLift will also build new treatment models such as gamification and live instruction.

Headquartered in Atlanta, USA, UpLift Health is a digital health company dedicated to developing a depression treatment platform that provides proactive guidance for patients with depression. On the UpLift Health website, users can alleviate mental health issues such as bipolar disorder by sharing their feelings, completing psychological exercises, and receiving counseling from AI-powered chatbots. The company’s subscription service is priced at $29.99 per month or $44.97 per quarter.

Currently, the most reliable approach for treating depression is Cognitive Behavior Therapy (CBT). This is a short-term psychotherapeutic method with a structured framework, proposed in the 1960s by American clinical psychologist A.T. Beck. The therapy primarily targets psychological disorders such as depression, anxiety disorders, anorexia nervosa, substance dependence, and chronic pain, addressing psychological issues stemming from patients’ irrational cognitions. Cognitive Behavior Therapy treats psychological problems by modifying patients’ perceptions and attitudes toward themselves, others, and events.

UpLift has developed a depression treatment application based on cognitive behavioral therapy, featuring 12 intelligent chatbots, each designed to engage patients in 45-minute interactive sessions. Additionally, the app includes a mental health assessment toolkit to help evaluate users’ psychological well-being.

The effectiveness of psychotherapy often depends on the level of communication between therapists and patients. In recent years, with growing attention to mental health, the digital mental health industry has shown favorable development trends. Stanford University School of Medicine, in collaboration with Dr. Andrew Ng, an expert in the field of artificial intelligence, developed an AI-powered mental health chatbot named Woebot and launched a mobile application of the same name in 2017. The counseling company Talkspace has also built an online therapy platform to facilitate communication between psychotherapists and patients.

Spencer Greenberg, Co-Founder and Chief Technology Officer of UpLift Health, stated, “I am highly satisfied with UpLift Health’s R&D products. Our goal is to continuously improve and update the application, and to develop a world-leading platform for depression treatment to help people address mental health issues.”

Dr. Keith Dobson, a world-renowned expert in cognitive behavioral therapy, stated, “The UpLift digital health platform closely integrates the principles of cognitive behavioral therapy, and studies have demonstrated its significant efficacy in patients with depression.”

Laidir Foundation, established in 2015 and headquartered in Seattle, Washington, USA, is an emerging private investment foundation. The firm is dedicated to investing in the healthcare and innovative technology sectors. As of the end of 2018, Laidir Foundation managed assets totaling nearly $37 million.

(Compiled by Xu Xiaoxue)