The coronavirus pandemic has sent a shockwave across the world, taking an unprecedented toll on our lives including mental health since the majority of us are confined to work and exercise from home.
According to a report by WHO Euro (World Health Organisation Europe), in many western countries, mental health disorders are the major cause of disability, accounting for 30% to 40% of chronic sick leaves, and costing nearly 3% of GDP.
Also, the Health at a Glance: Europe report states that mental health issues such as anxiety, depression, and drug use disorders affect over one in six people across the European Union. Embracing the opportunity, many startups have started using various technological advancements to improve mental healthcare.
In this regard, Berlin-based ATAI Life Sciences is a biotech platform founded in response to the clear and growing unmet needs of mental health patients worldwide. In the latest development, the German company announced a $125M (approx €105M) funding in the Series C financing round, including $32M (approx €27M) of its 2020 convertible debt that converted in connection with the Series C.