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Wednesday 13 September 2017

£18m of funding for online mental health SME Ieso

PesoBoth mental health and ‘digital health’ are high on the agenda of the government and NHS, so we weren’t surprised to see Ieso Digital Health, the UK’s largest provider of online mental healthcare, close an £18m funding round yesterday. That’s the largest amount raised by a digital behavioural health business in Europe and a significant vote of confidence in a business that was small enough to qualify for exemption from filing full accounts with Companies House last fiscal year (i.e. sub £10m turnover or fewer than 50 employees).

Ieso’s evidence-based cognitive behavioural therapy (CBT) is already widely used in the UK and is available to more than 9 million people through the NHS as part of Improving Access to Psychological Therapies. The SME has a proprietary web-based platform that provides patients with access to CBT, delivered in real-time by accredited therapists as a typed conversation directly from their computer, tablet or smartphone. The results have been shown to be better than traditional face-to-face methods with higher levels of access, patient engagement, therapy session completion and lower drop-out rates.

The new funds will be used by Ieso to accelerate growth in the UK and to break into the US market. Having proven itself in the NHS, Ieso is now well placed to target the US market where its service has recently been introduced by a newly assembled experienced management team. As CEO Dan Clark noted: “Up to 60% of people in the US alone have unmet behavioral health needs. This presents a major opportunity for Ieso to make a radical impact on healthcare outcomes and costs.” We also expect continued investment in product development, not least in data science and artificial intelligence capabilities, where Ieso has already made a name for itself.

This funding round was co-led by venture capital investor Draper Esprit, which is new to Ieso and committed £7.5m, alongside existing investor Touchstone Innovations, which invested £8m.

Posted by Tola Sargeant at '09:57' - Tagged: health   funding   software  

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