Behavioral health startup Eleos Health announced a $20 million Series A funding round for its AI-backed voice technology that gathers insights into a patient’s mental wellbeing. This new funding round comes less than a year after the Boston and Tel Aviv-based startup announced a $6 million seed round, and brings the total raise to $28 million.
F-Prime Capital and Eight Roads Ventures led the round with participation from aMoon Fund, lool ventures and Arkin Holdings.
WHAT IT DOES
The company created a voice artificial intelligence tool that is able to run in the background of a mental health session. Clinicians can then use the platform’s AI capabilities to help analyze their patients.
The tool can provide insights on key words or conversation themes, the use of clinical interventions – such as CBT – in the sessions and how much time the clinician spent talking vs. the patient. Clients can also tap into the tool for insights about practice-wide care delivery and patient improvement rates, according to a statement from the company.
Eleos’ technology is overlaid on providers’ EHRs and can be used in telehealth and brick-and-mortar settings.
WHAT IT’S FOR
While the company didn’t specify how the new funds will be used, it did project that its platform would grow in usage and scale. Specifically the company said that it has already captured 6.5 million minutes of treatment and is expecting to capture 30 million minutes by the end of the year.
“Eleos Health offers a unique approach, by combining the power of voice and Natural Language Understanding, together with enterprise-grade security and compliance standards in the clinical workflow. Eleos allows providers and payers to unlock the synchronization of behavioral, medical and SDoH data, which leads to improved outcomes and reduced clinician burnout,” Carl Byers, partner at F-Prime Capital, said in a statement.
“We look forward to working with this talented team as they take the next steps to scale the business.”
This isn’t the only mental health-focused company looking to incorporate voice technology into their offerings. Mindstrong, a digital mental health startup that uses digital biomarkers, including voice, scored $100 million in 2020.
Additionally, Kintsugi, which is a platform that uses vocal biomarkers to detect anxiety and depression, raked in $8 million in seed funding last year and another $20 million in Series A financing in February.