Intellect Passes User Milestone as Startup Closes Seed Funding Round

By Thomas Price Sunday, December 6, 2020

With the ongoing COVID-19 pandemic causing anxiety, long-term social isolation, and economic uncertainty, the mental health and stress of many individuals has gotten tremendously worse. As a result, more and more people are turning toward any and all resources available to them in order to improve their mental well-being. However, considering the possible financial strain that could be caused through traditional therapy, as well as the difficulties of meeting in person right now, finding ways to improve mental health in the most convenient ways possible has grown in demand. Startup Intellect has seized this moment and demand from the growing number of people looking to reduce anxiety and stress in their lives without breaking the bank, especially in Asia. So, what exactly is Intellect’s product, how has it grown, and what are the startup’s plans for the future?

What Is Intellect?

Intellect is a Singapore-based startup that has developed and launched an app filled with self-guided programs that can provide tools for the user to help deal with many of the mental health issues they may be facing. These programs are backed by a team of psychologists, behavioral change experts, and personality researchers who helped create the programs and techniques promoted on the app. As a standalone, this program has already made several ripples in the industry, with Google announcing that it was one of the picks for best personal growth apps in 2020. While already exciting news for the startup, the app is not the only focus. The company also provides a mental health platform for businesses that can then be offered to employees as a benefit. This platform is more expansive in scope than Intellect’s app, with features such as one-on-one video sessions with mental health professionals, unlimited texting with experts, which the startup has labeled, Behavioural Health Coaching. Both the app and mental health platform for employers have been widely used and have shown off impressive numbers for the startup.

In fact, Intellect’s business platform currently reaches over 10,000 employees. The majority of the businesses utilizing this are based in Singapore, Hong Kong, Indonesia, and India, Intellect’s core customer base. While for larger businesses, Intellect will not be the first benefit of this sort offered given that the employee assistance programs and the rate of actual use and adoption between those programs and Intellect is stark. While adoption rates for traditional employee assistance programs usually sit at around 1% to 2%, the adoption rates for Intellect after one month of rollout sit at an impressive 30%. In addition to the business platform, in combination with Intellect’s mobile app, the startup has garnered more than 1 million users in just six short months. This major milestone was passed right around the same time as the startup closed its seed funding round.

Intellect’s Seed Funding and Future Plans

Intellect just closed its seed funding round, which garnered an undisclosed amount of money. This seed funding round was led by Insignia Venture Partners with angel investors, including Carousell co-founder and CEO, Quek Siu Rui, along with Tim Lee and JJ Chai. While the funding itself was not disclosed, Intellect has major plans on what to do with it in the near future. The new funding will be invested in clinical research by Intellect as well as market expansion throughout Asia, its primary market. The money will also help support current clinical studies already in progress that Intellect is collaborating on with universities and institutions in the United Kingdom, Singapore, and Australia. These clinical studies and research will certainly be used to help improve the current product being offered by the startup as they look to build a better version of their services to the millions of users who are already a part of the company and for the millions more who have yet to join.

Final Conclusions

Intellect has a service and product that has never seen higher demand. With the COVID-19 pandemic still ongoing, people looking for constructive answers to their mental health issues have found one in Intellect. Especially considering how untapped the market for such products in Asia are, the potential for future growth is nearly limitless.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

Related Articles