Eleos Health, a leader in AI for behavioral health, has announced a significant milestone with a $40M Series B funding round led by Menlo Ventures. This funding, along with contributions from F-Prime Capital, Eight Roads, Arkin Digital Health, SamsungNEXT, ION, aMoon, and lool ventures, brings Eleos Health’s total funding to $68M.
Advancing Behavioral Health Solutions
Eleos Health is poised to channel this investment towards various strategic initiatives, such as expanding its product portfolio. Their plans include the development of new and improved AI solutions for group therapy sessions, compliance automation, case management, concurrent documentation, and value-based care support.
Additionally, this funding will accelerate their hiring efforts and broaden their reach to serve more behavioral health providers and segments. Eleos Health aims to foster strategic partnerships to integrate more Electronic Health Records (EHRs) and industry associations into its ecosystem, with plans to recruit over 50 professionals by the end of 2024.
Addressing Critical Behavioral Health Needs
Steve Sloane, a partner at Menlo Ventures, highlighted the pressing need for behavioral health services in the U.S. He commended Eleos Health for its mission to bridge the gap in accessibility and care quality using a platform that combines clinical expertise and advanced AI models tailored to behavioral health. Notably, Eleos Health has already shown promising results in improving patient outcomes.
Impressive Growth and Achievements
Eleos Health has demonstrated remarkable growth since its launch in 2020:
- Achieved 3x year-over-year revenue growth.
- Doubled its customer base, serving providers in 23 states.
- Analyzed over 3 million minutes of therapy sessions, saving more than 300 days of documentation time.
- Expanded its product offerings to support field-based providers in various capacities.
- Published two significant peer-reviewed research studies, including one demonstrating improved outcomes for patients with anxiety and depression.
- Increased its workforce by 56%, with women comprising 51% of the team and 40% of the leadership.
Eleos CEO’s Perspective
Eleos Health CEO and Co-founder Alon Joffe emphasized their commitment to augmenting human providers rather than replacing them. The company’s mission is to empower providers to engage with and assist clients more effectively and efficiently, alleviating the administrative burdens they face.
Transforming Behavioral Health
Dixie Casford, Co-CEO of Mental Health Partners, praised Eleos for its dedication to improving outcomes for clients and providers. She emphasized the importance of innovative tools like Eleos in helping behavioral health organizations stay at the forefront of client care.
Vision for Better Care
Former VA Secretary and Eleos board member Dr. David Shulkin underscored the significance of smart tech innovation in healthcare. He stressed that solutions like Eleos play a pivotal role in alleviating administrative burdens, allowing providers to focus on the core of effective care: the provider-client relationship.
- Eleos Health has secured $40M in Series B funding led by Menlo Ventures, bringing its total funding to $68M.
- The funds will support product development, hiring efforts, and strategic partnerships, aiming to enhance behavioral health solutions.
- Eleos Health has shown impressive growth, with notable achievements, and plans to expand further.
- The company’s mission is to augment, not replace, human providers, improving care quality in the field of behavioral health.
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