– UK, Cambridge – ieso, a UK leader in digital mental healthcare, today announced the completion of its $53 million Series B financing round led by Morningside, alongside Sony Innovation Fund and existing shareholders IP Group, Molten Ventures, and Ananda Impact Ventures.
Concurrent with the financing, Stephen Bruso from Morningside Ventures, joined the Board.
“We are in a global mental health crisis. There are simply not enough clinicians to assess and treat the growing number of people who need help. Whilst we have seen an explosion in the number of mobile apps to help address mental health conditions, there is an urgent need for true digital therapeutics which have been approved for treating patients. Through the support of our investors, who share our purpose, we’ll continue on our mission of combining clinical expertise, data science and technology to enable better and more accessible mental healthcare.” said Board Chairman, Dr Andy Richards CBE.
The funds raised will help ieso address this global mental health crisis by developing autonomous therapy systems that match the high standards of human care delivery, at a significantly lower cost to health systems. These new tools could improve the lives of the 500 million people globally who struggle with their mental and behavioral health every day but cannot access appropriate personalized care.
Stephen Bruso, Morningside Ventures said: “ieso’s advanced AI-driven digital therapeutics platform is further evidence of the power of data in the realm of mental health. By pairing one of the world’s largest databases in cognitive behavioral therapy, with sophisticated AI algorithms, ieso is delivering improved mental health care to patients with significant unmet needs. We are proud to partner with them in this endeavor.”
Nigel Pitchford, CEO, commented: “At ieso, we’re looking to transform global mental health by unlocking the power of clinical data to develop AI-enabled digital therapeutics. Our experience delivering outstanding mental health care within the NHS ideally places us for starting to tackle this challenge. A new generation of clinically-validated digital mental health care products could ultimately improve millions of lives. But we cannot do this alone and look forward to working with our patients, clinicians, investors, as well as existing and future partners, to better serve those who require mental health support.”
About ieso
ieso is the UK’s leading digital mental healthcare and therapeutics business. It is addressing the global mental health crisis by developing clinically evidenced assessment and treatment products that enable everyone with a common mental health condition to recover.
ieso uses technology and data science to better understand, prevent, detect, and treat mental health conditions. Its core product offers AI-powered, therapist-delivered, digital cognitive behavioral therapy. With a growing network of 600 fully qualified therapists, ieso serves more than 20 million adults through the UK National Health Service.
By analyzing over 500 million data points contained in the world’s largest outcome-linked mental health dataset, ieso’s AI and data research teams are decoding the active components of therapy and enabling ground-breaking approaches for digital therapeutics. They have already created AI tools that review therapy sessions to highlight suboptimal treatment and drive improved patient recovery outcomes.
ieso is developing new digital therapeutic products that will support the transformation needed in mental healthcare. The work spans automated mental health assessment products and new digital therapeutic solutions. The short-term ambition is to bring a rolling pipeline of regulatory-approved autonomous digital assessment and treatment products to the UK and US markets.
For more information: https://www.iesogroup.com/
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