Israeli digital health startup Eleos Health, announced this week the completion of a $20 million Series A funding round to scale its digitized therapeutic health platform and augment the company’s care provider capacity by 30 percent.
The round was co-led by global venture capital firms F-Prime Capital and Eight Roads Ventures, alongside contributions from existing investors including aMoon, lool ventures, and Arkin Holdings. Eleos’ latest capital brings its total funding to $28 million.
Launched in early 2020, Eleos Health provides an ambient, advanced analytics platform to assist therapists optimize workload and mitigate the occupation’s high degree of burnout rates. In accordance with full patient consent, Eleos’ platform autonomously captures and interprets real-time conversations between patients and therapists, whether in-person or virtually, to generate post-session clinical progress notes and insurance coding. The platform reduces a clinician’s documentation time by 40 percent on average.
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, use Eleos’ service. Eleos has analyzed more than 6.5 million minutes of sessions to date, and is projected to capture 30 million minutes 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 of 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.”
“Eleos delivers a unique approach that harnesses the power of voice and Natural Language Understanding coupled with enterprise-grade security and compliance standards directly right into the clinical workflow,” said Davor Hebel, managing partner of Eight Roads Ventures. “CareOps Automation is the future of behavioral health. It allows providers and payers to unlock the holy grail in behavioral health – the synchronization of behavioral, medical and SDoH data to improve outcomes and reduce clinician burnout all without changing the clinical workflow.”