Eleos secures $60M for behavioral health with AI agents

The funds will be used to increase product offerings, expand the commercial team and move into the substance use disorder space.
By Anthony Vecchione
02:09 pm
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  Photo: LUIS ALVAREZ/Getty Images

Eleos, an AI behavioral healthcare company, announced it raised $60 million in a Series C funding round, bringing its total raise to more than $120 million.

The round was led by Greenfield Partners, with participation from existing investors F-Prime Capital, Eight Roads, Menlo Ventures and ION.

Additional investors include the Michael & Susan Dell Foundation, Union Tech Ventures and Centerstone. 

WHAT IT DOES

Eleos created an artificial intelligence voice tool that can run in the background of a mental health session. Clinicians can then use the platform's AI capabilities to help analyze their patients. 

The company will use the capital to increase its offerings, expand its commercial team and push into underserved segments of behavioral healthcare, especially substance use disorder treatment centers. 

"From day one, Eleos has been committed to empowering clinicians – not replacing them – and expanding their capacity," Alon Joffe, cofounder and CEO of Eleos, said in a statement.

"By building on our agents for clinical documentation and patient engagement, our new Compliance product is the next step in our mission to free up clinicians’ time and energy to focus on care rather than administrative bottlenecks. With this round of funding, we’re doubling down on the development of intelligent AI systems that drive efficiency and help providers capture the revenue they need to thrive and reach more people in need."

MARKET SNAPSHOT

In 2024, Eleos expanded its reach in the U.S. behavioral healthcare system into eight new states: California, Texas, Washington, Oregon, Tennessee, Vermont, New Jersey and Kansas. The expansion brought the total number of states in Eleos' portfolio to 25.

In 2023, Eleos partnered with Kipu Health with the aim of delivering insights and efficiencies to behavioral health providers. By enabling Eleos Health’s voice-based Natural Language Understanding technology to be embedded within Kipu's EMR platform, Kipu allows their behavioral health clients to automate documentation and clinical analysis of patient sessions. 

That same year, the company also secured $40 million in a Series B funding round, one year after announcing it scored $20 million in Series A funding.

In 2021, the company announced a $6 million seed round. F-Prime Capital and Eight Roads Ventures led the round with participation from aMoon Fund, lool ventures and Arkin Holdings. 

Other companies in this space include OPTT Health, a digital mental health platform that offers AI-powered digital mental health tools that augment mental health teams' care quality and capacity.

Therapy iQ provides an integrated platform for practice management in the behavioral health sector. Their main offerings include automation of clinical, financial, operational and compliance workflows to enhance the efficiency of therapy practices. In 2023, it secured a $1.5 million seed funding round led by Valor Ventures. 

Lyssn offers an AI-powered assessment platform for behavioral health or human services practitioners can use to assess interactions and improve the quality of their services. Lyssn AI offers the insight to measure, track, report and train on the use of evidence-based practices.

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