45. Healthy Spring

April Koh (CEO) and Adam Chekroud launched the company in 2016, with its headquarters in New York City. The company has received $300 million in funding and is valued at $2.5 billion. The key technology used by the company is artificial intelligence, and it operates in the health care industry. The company has previously appeared on the Disruptor 50 List, making it to the top spot in 2023.

The pandemic has negatively impacted people's mental health, with a survey from the Census Bureau revealing that the percentage of individuals experiencing anxiety or depression has doubled since before the pandemic. Despite the challenges of the U.S. healthcare system, obtaining mental wellness support can be difficult due to the complexities of navigating the many options and approaches available, including therapy, medication, meditation, and coaching.

Spring Health is a company that aims to make mental health benefits more accessible to employers and health plans. Unlike other companies, Spring Health uses AI and data analysis to deliver personalized treatment for each person. Early detection is crucial in treating mental health issues, and Spring Health takes out much of the guesswork in determining what works. The company currently serves over 4,500 companies, including General Mills, DocuSign, Wellstar, and Hearst.

Despite the softening of the job market in the tech and media industries, companies are recognizing the importance of offering mental health benefits to their employees. Spring Health reports that customers can save over $2,000 in total health plan spending within the first six months of engagement, and the return on investment is over 4x when considering reduced absenteeism and turnover.

In the past year, the company introduced Spring Health for teenagers and Atlas, a recommendation engine that assists benefits leaders in identifying top mental health opportunities in their employee population, along with an action plan. Additionally, the company acquired Bloom's suite of self-guided therapy tools and digital content, including 700 interactive video sessions, to complement existing therapies. Furthermore, the company partnered with Eleanor Health to enhance its substance use disorder support and with Highmark Health to expand behavioral health care access to individuals with Highmark insurance.

In April 2023, Spring Health raised $71 million in a series C round of funding from existing investors, valuing the company at $2.5 billion. Despite ongoing misunderstandings, mental health is increasingly being recognized and funded. Spring Health is among a growing number of companies targeting this overlooked market, alongside Headspace Health, Lyra Health, and Modern Health. During the pandemic, venture capital funding for mental health apps, platforms, and technologies reached an all-time high. However, since then, funding has decreased.