Brand Capital invests in PsyInnovations
NEW YORK (PRWEB) April 10, 2018
PsyInnovations, the developer of the mental and behavioral health platform, wayForward, announced today that it has received an investment from Brand Capital, the investment arm of Times of India group, the largest media group in India.
Based out of New York and New Delhi, PsyInnovations was started by Dr. Navya Singh, an award winning psychologist and research scientist at Columbia University. 1 in 4 people globally will have a mental health condition in their lives, according to WHO. “The problem is that majority of the people do not receive any care. At PsyInnovations, our mission is to make mental healthcare accessible to everyone, globally. We want to equip individuals and organizations with proven, scalable, cost-effective solutions for reducing the incidence and severity of stress, anxiety and depression. We see our app-based platform, analytics and machine learning algorithms as a way of solving these problems,” Dr. Singh said.
“We are looking at long-term partnership with the PsyInnovations team, and believe they have the right team and strategy achieve their global mission.” said Neville Taraporewala, who runs BCCL International and Brand Capital’s US based operations from San Francisco Bay Area. “We believe that mental and behavioral healthcare requires raising awareness globally, where we can leverage our decades of experience as one of the largest media houses. Together this partnership will help highlight this critical aspect of everyone’s life. This is our first digital health investment out of our Bay Area office.
The founding team of PsyInnovations also includes Ritvik Singh and Stan Miroshnikov. Ritvik is an alumnus of IIT Delhi and Columbia University and has over a decade’s experience as a portfolio manager and markets expert on Wall Street at major investment banks. Miroshnikov, also an alumnus of Columbia University, has over a decade of experience leading software development and product teams. And now serves as chief technology officer (CTO) for Psyinnovations.
“This investment will enable us to strengthen our India presence, and deliver the solution to more corporates and individuals.” said PsyInnovations’ CEO, Ritvik Singh. The startup’s key focus has been the $200-billion mental health industry in the US, where the mental health and emotional wellness market is more mature, Singh said. “In the US, we have been focusing on healthcare and employee wellness sectors at large organizations.” PsyInnovations had previously raised angel funding from healthcare experts in US and India including Padma Sri Dr. Harsh Mahajan; Gunjan Khanna, a Partner at McKinsey in Pittsburgh, USA; and Sreepathy Viswanathan, senior vice president of M&A at Hinduja Global Solutions Inc. They have industry and clinical experts as advisors including Chris Cavazos, who led wellness at Humana, and Prof Lata McGinn, President and Founder of Academy or Cognitive Therapy.
New York, NY and New Delhi- based PsyInnovations is a digital behavioral health company with the mission of delivering evidence based programs and expert care using technology. Their flagship platform, wayForward (http://www.wayforward.io and http://www.wayforward.co.in ) delivers programs based on Cognitive Behavioral Therapy (CBT), Mindfulness and Positive Psychology, developed by its team of expert researchers and clinicians.