ieso, a Cambridge, UK-based digital mental healthcare company, raised £39m ($53m) in Series B financing.
The round was led by Morningside, with participation from Sony Innovation Fund and existing shareholders IP Group, Molten Ventures and Ananda Impact Ventures. In conjunction with the funding, Stephen Bruso, Morningside Ventures, joined the ieso Board.
The company intends to use the funds to expand operations and develop its autonomous therapy systems.
Led by Nigel Pitchford, CEO, and Dr Andy Richards CBE, Chairman, ieso is a digital mental healthcare and therapeutics business developing clinically evidenced assessment and treatment products that enable everyone with a common mental health condition to recover. The company uses technology and data science to understand, prevent, detect, and treat mental health conditions. Its core product offers AI-powered, therapist-delivered, digital cognitive behavioural therapy (CBT). With a network of 600 fully qualified therapists, ieso serves more than 20 million adults through the UK National Health Service (NHS). By analysing over 500 million data points contained in a large outcome-linked mental health dataset, the company’s AI and data research teams are decoding the active components of therapy and enabling new approaches for digital therapeutics (DTx). 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.