Woebot Health announced it has closed a $90 million Series B funding round, bringing total investment in the company to $114 million. The round was co-led by existing investor JAZZ Venture Partners and Temasek with participation from funds and accounts managed by BlackRock Private Equity Partners and Owl Ventures.

Additional participants include Mirae Asset Capital, Kicker Ventures, Alumni Ventures and Gaingels as well as existing investors NEA and AI Fund.

Woebot Health will use the proceeds to accelerate further development of its relational platform and technologies, advance its digital therapeutic candidates, and expand its team and go-to-market activities to meet surging global demand for mental health care.

Founded in 2017, Woebot Health has created relational technologies that underpin a new generation of digital therapeutics and tools for mental health. The company’s elational agent, Woebot, is capable of forming a bond with users and delivering human-like therapeutic encounters that are psychologically related, responsive to a person’s dynamic state of health, and targeted using multidisciplinary tools.

“The stress of the pandemic has made an existing mental health crisis even more alarming. We're seeing this firsthand in adolescents in classrooms across the country and in adults who are reporting symptoms of anxiety and depression at a rate four times pre-pandemic levels,” said Ian Chiu, Managing Director at Owl Ventures. “Woebot Health’s innovative technology has them well-positioned to serve the amplified global need for accessible mental health care. We are proud to support the company as it continues to scale and bring new digital therapies to market, helping people learn the strategies and interventions they need to improve their mental health.”