Digital therapies startup Wundrsight has raised $400,000 in seed funding funds round led by Turning Point Venturesa Gurugram-based angel investment firm.
The round also saw the participation of Social Alpha and others angel investors.
The startup plans to use the funds to expand its network of partnerships with hospitals and clinics across India while also accelerating the development of its VR-based mental health solutions.
Offering an AI and virtual reality based therapy platform
Founded in 2022, Wundrsight offers a virtual reality (VR) and artificial intelligence-based therapy platform designed specifically for mental healthcare management.
The startup focuses on digitizing and standardizing mental health therapy through immersive virtual reality technology.
Its goal is to provide accessible, effective and personalized care for a variety of mental health conditions, including substance use disorders, obsessive-compulsive disorder (OCD), anxiety, phobias, autism and dementia.
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Who are the founders?
Wundrsight was co-founded by Raunak Swarnkar, an IIT GN alumnus with over five years of experience in AI/ML, neuroscience and medical devices, and Nishtha Budhiraja, a psychologist with over a decade of clinical experience.
It is noteworthy that the startup has the backing of key industry players including Meta (parent company of Facebook), DLabs at the Indian School of Business, IIT Mandi Catalyst and NASSCOM.
“We are at a pivotal moment in mental healthcare, especially now that innovative software-based medical devices are receiving regulatory approvals for prescriptions,” said Raunak Swarnkar, co-founder and CEO of Wundrsight.
“Hospitals and clinics around the world are facing enormous pressure to provide high-quality, scalable mental health services despite a shortage of doctors. Our VR-based solutions not only reduce the need for medication but also improve the efficiency of doctors, enabling safe, standardized and effective treatments. This funding will help us expand our reach and impact in India and the APAC region.”
Focused on expansion
Swarnkar said the startup is looking to enter the US market, where VR therapy has received CPT codes for reimbursement from insurance providers.
Currently operating in three metropolitan cities in India, Wundrsight has already secured contracts with over five hospitals and has more partnerships planned, including those with government and private hospitals.
India’s mental health market valuation is projected to reach approximately $62.86 billion by 2032, up from $6.89 billion in 2023, at a compound annual growth rate (CAGR) of 28.16%1.
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