Grow Therapy, a mental health platform using AI chat for therapy, tops *The Americas’ Fastest-Growing Companies 2026* ranking. Founded in 2020, the company connects users with therapists via revenue-sharing with insurers. Its average session cost is $21, with one-third of patients paying nothing, and it partners with 125+ health insurers. Revenue surged to $617.4m in 2024 from $3.6m in 2021, driven by a 455.6% compound annual growth rate. In March, it raised $150m in venture capital, valuing the company at $3bn.

AI chat is central to Grow’s model, capitalizing on ChatGPT’s popularity for intimate tech interactions. CEO Jake Cooper founded the company after struggling to find a therapist, noting systemic barriers like therapist shortages and insurance coverage issues. Grow’s AI tool aids patients between sessions, with chats shareable with therapists. The company competes in a crowded market with rivals like Teladoc (shares fell 97% since 2020) and Talkspace (acquired by UHS), though it avoids direct patient sales, earning only when partners succeed.

Analysts highlight risks: insurer reimbursement pressure if outcomes aren’t proven, AI’s potential to reinforce unhealthy thoughts (linked to a suicide lawsuit against OpenAI), and overselling by startups. Despite this, a 2025 *New England Journal of Medicine* study found AI therapist Therabot effective for depression, anxiety, and eating disorders, showing clinical promise. While AI mental health faces regulatory and ethical challenges, Grow’s growth underscores the sector’s potential to revolutionize access to care.

The mental health market, booming during Covid, now faces post-pandemic consolidation. Grow’s valuation at $3bn reflects investor appetite for AI-driven solutions, though challenges remain in proving ROI to insurers and ensuring safe AI applications.