Aussie startup Psylo has recently led a $5 million seed round, and gotten the backing of global VCs for their psychedelic-inspired medicine to treat mental illness.

The 2021 startup is breaking into a huge market for alternative treatments with psychedelic-assisted therapy. Research suggests that psilocybin is significantly more effective in treating major depression than existing options. And the government is catching on to this. Last year the former Australian federal government launched a $15 million fund for psychedelic clinical trials and innovative treatments. And in July 2021, the Psychae Institute, opened a $40 million psychedelic research centre in Melbourne.

https://www.startupdaily.net/topic/funding/psychedelic-biotech-startup-psylo-raises-5-million-seed-round/