Eleos Health, an AI-powered clinical decision-making technology for behavioral health providers, secured $6 million in seed funding.
aMoon Fund led the round with lool ventures, Arkin Holdings, Geingels, and individual investors.
The company plans to use the new funds to expand its sales, marketing, and product team.
Eleos Health has created a tool that uses voice AI capabilities to help mental health professionals analyze their patients. Clinicians can run the technology in the background of a mental health session, according to the company.
“Eleos Health is powering the future of evidence-based behavioral health at a time where we see a dramatic increase in the demand for behavioral care services,” said Roy Wiesner, managing director at aMoon Fund.
Roy Wiesner added: “Therapy sessions have remained a black box, while other therapeutic areas have undergone a data-driven revolution. Eleos seeks to change that and is already deploying at scale. The founders and leadership team are mission-driven, have built a sophisticated solution, and are delivering on the promise of helping reduce caregiver burnout alongside providing clinical insights, thereby improving access and quality of care.”
To date, Eleos’ AI-backed voice technology has curated more than 1,200,000 minutes of treatment encompassing over 14,000,000 in-session moments, according to the company. Eleos has deployed its technology with over a dozen provider organizations, including Solvista Health, Achieve, Yeshiva University, and ReachLink.
“The demand for behavioral health services has skyrocketed since the pandemic,” said Alon Joffe, Founder, and CEO of Eleos Health.
Alon Joffe added: “More than 35 million additional Americans are experiencing a behavioral health condition which resulted in $140 billion additional healthcare spend in the first 12 months post-onset of the COVID-19 pandemic. In normal times, around 40% of clinicians leave their job within three years. Care quality suffers when clinicians work with outdated, incomplete data, which exacerbates the virtuous cycle of high consumer volume and not enough clinicians to care for them. We want to help clinicians make more data-driven decisions and improve the care they provide while automating their administrative processes for them.”
Venture capital (VC) funding into Clinical Decision Support software companies doubled to $1.1 billion in the First Half (1H) of 2021, compared to $545 million in 1H 2020, according to the latest Mercom Digital Health Funding and M&A Report.