Intellect Raises $2.2M to Expand Mental Health Services in Asia

Intellect Secures $2.2 Million Pre-Series A Funding

Intellect, a Singapore-based startup focused on increasing access to mental health care throughout Asia, has announced a successful $2.2 million pre-Series A funding round. The company is presently participating in the current Y Combinator program, with its demo day scheduled for the end of the month.

Investment Details

This funding round was spearheaded by Insignia Venture Partners, a returning investor. Additional participation came from Y Combinator, XA Network, and several prominent angel investors.

• J.J. Chai, co-founder of Rainforest
• Danny Yeung, founder of Prenetics and CircleDNA
• Gilberto Gaeta, Google’s Director of Global HR Operations

Total Funding to Date

Including a seed round announced in December 2020, also led by Insignia, Intellect’s total funding now reaches $3 million since its launch just a year ago.

Product Offerings and User Base

Intellect provides two core product lines. These include a direct-to-consumer application featuring self-guided programs rooted in cognitive behavioral therapy (CBT), and a comprehensive mental health benefits solution designed for employers.

The employer solution incorporates online therapy and telehealth services. Currently, Intellect boasts over 2.5 million app users and serves 20 enterprise clients.

• FoodPanda
• Shopback
• Carousell
• Avery Dennison
• Schroders
• Various government agencies

Engagement Rates and Market Trends

According to founder and CEO Theodoric Chew, Intellect’s utilization rates surpass those of traditional Employee Assistance Program (EAP) helplines. Companies with over 5,000 employees typically experience engagement rates of 20% to 45% within the first three months of adopting Intellect’s benefits solution.

Chew notes a significant shift in attitudes towards mental health across Asian cultures. The ongoing emotional impact of the COVID-19 pandemic over the past year and a half has accelerated the prioritization of mental healthcare by individuals, organizations, insurers, and governments.

Privacy and Data Security

Intellect prioritizes user privacy through the implementation of zero-knowledge encryption. This ensures that neither the startup nor employers can access user records or communications with coaches and counselors.

Any data shared with employers is aggregated and anonymized to protect individual identities. The company maintains compliance with key data privacy regulations, including ISO, HIPAA, and GDPR.

Research and Development

Intellect is actively involved in 10 research studies with leading institutions. These include the National University of Singapore, King’s College London, University of Queensland, and the Singapore General Hospital.

Initial study results indicate improvements in mental well-being, reduced stress levels, and decreased anxiety among users.

Future Expansion

The newly acquired funding will be allocated towards expanding Intellect’s reach into additional Asian markets. The platform currently supports 12 countries and 11 languages.