Slingshot AI, a New York City-based startup, has raised $40 million in funding to advance its mental health chatbot. The funding round was led by legacy investor Andreessen Horowitz, with additional support from the Cultural Leadership Fund and a group of angel investors.
The company is spearheaded by Neil Parikh, co-founder of sleep-focused unicorn Casper, and is dedicated to developing a specialized AI model for psychology. This model aims to provide more tailored and empathetic support for individuals dealing with mental health challenges, building on the advancements in generative AI.
Andreessen Horowitz emphasized the shift in public perception of chatbots for mental health. Historically, consumers were hesitant to engage with bots about sensitive topics. However, the rise of generative AI has dramatically improved the effectiveness of these systems, with people now more open to using chatbots for daily conversations about a variety of topics, including mental health.
The firm also pointed out that traditional general-purpose AI models are not suitable for mental health applications, as they aim to provide definitive answers. In contrast, effective therapists focus on guiding individuals to realize their own agency, helping them build better relationships, and encouraging personal growth—rather than providing direct solutions.
While Slingshot AI is not the first company to integrate AI into mental health support, it joins a growing sector. Other startups like Jimini and Wysa have made strides with AI-driven mental health tools, with notable funding rounds in recent years. However, Slingshot’s approach aims to distinguish itself by creating a foundational model specifically designed for psychological support, a critical differentiator in this rapidly evolving field.
This new round of funding follows the company’s previous $30 million raised in 2024, bringing the total investment to $40 million. The continued financial backing underscores the growing demand for AI-driven mental health solutions as more individuals seek innovative ways to address mental well-being.
