Sword Health Now Valued At $4 Billion, Announces Expansion Into Mental Health Services
Founded in 2015, the healthcare startup has focused on helping people manage chronic pain at home. Using AI tools, the platform connects users with expert clinicians who then provide patients with tools for digital physical therapy, pelvic health, and overall mobility health.
However, the company says this new round of funding will largely go towards developing a mental health arm of its program called Mind.
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"Today, nearly 1 billion people worldwide live with a mental health condition. Yet care remains fragmented, reactive, and inaccessible," Sword said in the announcement. "Mind redefines mental health care delivery with a proactive, 24/7 model that integrates cutting-edge AI with licensed, Ph.D-level mental health specialists. Together, they provide seamless, contextual, and responsive support any time people need it, not just when they have an appointment."
Sword CEO Virgílio Bento told CNBC, "[Mind] really a breakthrough in terms of how we address mental health, and this is only possible because we have AI."
Users will be equipped with a wearable device called an M-band, which will measure their environmental and physiological signals so that experts can reach out proactively as needed. The program will also offer access to services like traditional talk therapy. Bento told CNBC that a human is "always involved" in patients care in each of its programs, and that AI is not making any clinical decisions.
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For example, if a Sword patient has an anxiety attack, AI will identify it through the wearable and bring it to the attention of a clinician, who can then provide an appropriate care plan.
"You have an anxiety issue today, and the way you're going to manage is to talk about it one week from now? That just doesn't work," Bento told CNBC. "Mental health should be always on, where you have a problem now, and you can have immediate help in the moment."
According to Bento, Sword Mind already has a waiting list, and is being tested by some of its partners who appreciate it's "personalized approach and convenience."
"We believe that it is really the future of how mental health is going to be delivered in the future, by us and by other companies," he told CNBC. "AI plays a very important role, but the use of AI — and I think this is very important — needs to be used in a very smart way."
The rest of the cash raised in the funding round, which was led by General Catalyst, will go towards acquisitions, global expansion, and AI development, Sword Health says.
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This article Sword Health Now Valued At $4 Billion, Announces Expansion Into Mental Health Services originally appeared on Benzinga.com
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