Psyomics, a digital mental health assessment and diagnosis platform developer and University of Cambridge spin-out, has closed a £1.5 million (~$2 million) funding round from existing and new investors.
University spin-out veterans Parkwalk led the round, joined by fellow existing investors Jonathan Milner, Martlet, and Cambridge Enterprise.
The Psyomics platform – Censeo – a digital triage and assessment tool that enables earlier, accurate, and actionable diagnosis of mental health disorders and personalized pathways to the right support.
According to the company, healthcare practitioners use the platform to assess and triage mental health patients at all levels, in both NHS and private mental healthcare settings. Censeo imitates a face-to-face psychiatric assessment process, guiding a user through a series of adaptive questions, and according to the company, the platform’s algorithms can perform a detailed and bespoke analysis, creating a ‘map’ of an individual’s mental health, providing diagnosis where appropriate, and enabling a clear treatment pathway.
“Diagnosing mental health issues correctly in primary care can be difficult, due to time constraints and the fact that mental health conditions can be masked by physical symptoms,” said Co-Founder and Chief Medical Officer Prof. Sabine Bahn.
Sabine Bahn Added, “Delays in diagnosing – or misdiagnosis – mean that it can take several years for an individual with depression to be correctly diagnosed. For bipolar disorder, the average delay is six to eight years. The consequence of this is that many people suffer unnecessarily from debilitating symptoms that could be successfully treated. It is clear that faster and earlier diagnosis followed by the most appropriate treatment will improve the quality of life of affected individuals, while at the same time relieving pressure on the healthcare system.”
The new funds will help the company to bring its product Censeo to the global market, the company said.
According to Mercom funding data, digital mental healthcare startups have raised almost $1 billion in the past five years. Recently, MindLabs, a London-based digital mental health app, raised £1.4 million (~$1.8 million) in a pre-seed investment round.