Eleos Health, an Israeli medtech startup that develops CareOps Automation for behavioral health, has raised $20 million in Series A funding co-led by F-Prime Capital and Eight Roads Ventures. With this latest round, Eleos’ total funding to date is now $28 million.
Israeli firms are at the forefront of new medical technologies and Israeli researchers seem to come up with new medical treatments on almost a daily basis. So Elios Health is not alone. For example, in March Nucleai, an Israeli medtech startup that uses artificial intelligence (AI) powered spatial biology to transform drug development and clinical treatment decisions for precision cancer treatments, raised $33 million in a Series B financing round.
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Launched in early 2020, Eleos Health boasts a breakthrough clinical application for voice artificial intelligence AI, operating ambiently in the background of behavioral health clinician-patient conversations (full patient consent and permission are pre-conditions of clinical use). This can be used by mental health professionals to get a better understanding of what their patients are feeling when they speak during sessions.
Eleos Health explains that 30 million Americans are living with untreated mental health conditions. Even the most optimistic math shows that the current supply of 600,000 active licensed U.S. therapists falls far short of meeting patient demand. As the U.S. works to expand its behavioral health workforce, existing mental health care providers are shouldering a crushing workload, with self-reported burnout rates among psychiatrists at 78%.
The company says that its new tech securely and autonomously captures and interprets in-session themes and moments, generating post-session clinical progress notes and insurance coding. On average, says Eleos Health, it can cut clinician documentation time by 40%. Eleos’ superpower is its ability to give both individual clinicians and clinical leadership original insights
Eleos Health’s tech is currently used by thousands of clinicians across more than 20 national care providers and health plans, including Gaudenzia Home, The Brookline Center for Mental Health and Coleman Health Services. Eleos has captured more than 6.5 million minutes of treatment to date, and is projecting 30 million minutes captured by the end of 2022.
“Behavioral health practitioners deserve advanced technology representative of and equal to the role they play in caregiving and healing,” said Alon Joffe, CEO and Co-Founder, Eleos Health. “In behavioral care, the conversation is the treatment. For the first time, Eleos is making it possible to digitize and manage the unstructured nature of behavioral health conversations, lending psychotherapists a new line of sight into patient needs, progress and outcomes.”